Treasury Wine Estates, a wine company, completed the acquisition of DAOU Vineyards, a family owned and operated winery, for $1bn. "The US is the world's largest wine market and we're beyond thrilled to add DAOU to our portfolio, cementing our position as a global luxury wine leader. This is a transformative acquisition that will accelerate the growth of our luxury portfolio globally and paves the way for new luxury consumer experiences. DAOU is an award-winning luxury wine business with an outstanding track record for growth and we have grand plans for DAOU to become the next brand with the international scale and luxury credentials of Penfolds. With DAOU, we will be well-positioned to connect with a new generation of wine lovers, combining tradition with innovation, culture-led experiences, and global distribution," Tim Ford, Treasury Wine Estates CEO.