The Overseas Investment Office has granted consent for Cloudy Bay Vineyards Ltd to buy the Northburn Wine Company Ltd.
The deal, comprising about 46ha of land near Cromwell - a vineyard and The Shed cellar door and function centre, has been completed.
Cloudy Bay is part of the Moet Hennessy Wine Division, of France, which is turn is part of LVMH, founded in 1987 after a merger between Moet Hennessy and Louis Vuitton.
Central Otago Winegrowers Association president James Dicey and Central Otago Mayor Tony Lepper said the investment by such a ''significant'' brand was exciting news for the region.
Mr Lepper said it was ''a fantastic recognition for our region and our region's wine industry.
''When an international firm like this shows an interest in Central Otago, it's exciting.''
The deal was already having a flow-on effect in highlighting the industry and the region's pinot noir wines, he said.
''It's got people talking.''
''With the marketing and distribution that Moet Hennessy Louis Vuitton has got, the horsepower they bring is going to be a significant positive for the region. It'll get our wine before a lot more consumers.''
The Northburn vineyard was established in 1999 by Tom and Jan Pinckney, who also own Northburn Station.
''This buyer ticked all the boxes for us and we're very pleased to have such a reputable operation as Louis Vuitton Moet Hennessy buying the vineyard and becoming our neighbour,'' Mr Pinckney said yesterday.
''It's a hell of a good group to take the vineyard to the next level.''
He declined to reveal the purchase price and further details of the deal were withheld by the Overseas Investment Office. Mr Pinckney said his next focus would be ''the farm and the family''.
''We'll still be involved in wine, but as consumers from now on, rather than directly involved in the industry.''
Cloudy Bay New Zealand estate director Ian Morden, of Marlborough, said that adding the Northburn vineyard to its portfolio gave the company the chance to focus on ''making pinot noir as well known as Cloudy Bay's sauvignon blanc, by locating and securing some of the best pinot noir sites in New Zealand''.
The first focus would be getting to know the nuances of the Northburn vineyard, he said. There was a great diversity of soil types within the site.
Promoting Central Otago was important to the company and the community and wine industry leaders had been welcoming.
Northburn was the company's first vineyard acquisition in the district. Mr Morden paid tribute to the work carried out by Mr Pinckney.
Mr Dicey said the deal would attract the attention of pinot noir wine drinkers around the world.
''Pinot noir consumers tend to be explorers and seek new pinot noirs to slake their love.
''It'll bring this area to the attention of more pinot noir aficionados and that can only be good for the district.''
The investment was an endorsement of Central Otago winegrowers' hard work in developing the district and pinot noir as an international brand, he said.
The players
• Cloudy Bay Vineyards, established in 1985 by Cape Mentelle Vineyards, Western Australia; part of Estates and Wines, the Moet Hennessy Wine Division.
• Moet Hennessy part of LVMH, founded in 1987 after merger between Moet Hennessy and Louis Vuitton.
• Cloudy Bay's winery and vineyards in Marlborough's Wairau Valley; has 250ha in four vineyards; supply agreements with nine Wairau Valley growers.
• Cloudy Bay wines exported to more than 30 markets, including Australia, United Kingdom, United States, Europe and Japan.
• Northburn Station Vineyard planted in 1999; first wine produced in 2001; covers 23ha; 70% is pinot noir, remainder riesling, pinot gris, sauvignon blanc.
• Northburn's The Shed cellar door, restaurant, function centre opened in 2008.
What next?
• Cloudy Bay plans to make the ''best pinot noir we can'' from the site, promoting Central Otago and have its pinot noir as well known as its Marlborough sauvignon blanc.
• Tom and Jan Pinckney will continue to run The Shed as a function centre in the interim; will also focus on their Northburn Station farm.
