(TheDrum) - Barossa Valley wines are set to be relaunched on the global market as a premium brand wine following the purchase of the wine assets of the estate by New Zealand’s Delegat Group.

The group secured the purchase of South Australia’s Barossa Valley Estate after supermarket giant Woolworths backed out of the competition.

The purchase, valued at $24.7 million, was announced to the New Zealand Stock Exchange on Friday.

"We really have aspirations to building a truly global wine business,” said managing director Jim Delegat.

“For the last 18 months we have been evaluating what opportunities the Australian wine industry would offer us and it was clear that the industry is coming out of the bottom of its cycle.