Pernod Ricard, the Paris-listed alcohol giant, is selling its portfolio of high-profile Australian brands, including Jacob’s Creek, to a Bain-led consortium that intends to merge it with Accolade Wines, the country’s second-largest winemaker.

The French group – which produces Absolut Vodka, Chivas Regal, The Glenlivet, Jameson and Havana Club, among other brands – confirmed the sale late on Wednesday, and said it would allow the company to “direct its resources to its portfolio of premium international spirits and champagne brands”.