American billionaire and vintner Bill Foley intends to extend his reach in the Wairarapa region.
Foley Family Wines says it intends to acquire Martinborough Vineyard, but is yet to do due diligence.
The company, which also owns Martinborough vineyard, Te Kairanga, has entered into a heads of agreement with Martinborough Vineyard.
A valuation on the business is yet to be conducted, but the purchase price will be satisfied by the issue of shares to Martinborough Vineyard shareholders.
The deal is contingent on agreement from those shareholders, as well as from the Overseas Investment Office.
