Moët Hennessy, a manufacturer and marketer of luxury goods, agreed to acquire Joseph Phelps Vineyards, a wine property. Financial terms were not disclosed. "Through the combination of the wonderful vineyards of Joseph Phelps, the unrivalled experience and excellence of the Joseph Phelps team, and the support of our global distribution organization and unique expertise with premium, family-owned brands, we will continue the wonderful journey initiated by the founder fifty years ago and pursued by his heirs today. Joseph Phelps has been to the Napa Valley what Nicolas Ruinart, Mrs Clicquot, Joseph Krug and Claude Moët were to the Champagne region, and likewise we will continue to develop this new House in the respect of the founder's heritage and vision," Philippe Schaus, Moët Hennessy Chairman and CEO.