When the Swedish government put Vin & Spirit, parent company of Absolut Vodka, up for sale more than a year ago, industry experts estimated it would fetch over $4 billion.

Now, Pernod Ricard, a French liquor company, is buying the brand for $8.89 billion. Absolut is the third largest spirit brand in the world, and the sale attracted the interest of many of the industry's top players: Fortune Brands (NYSE: FO), Diageo and Bacardi.

What makes the high valuation afforded to Absolut so interesting is that Pernod Ricard is paying nearly $9 billion for a brand that only really came to prominence in its current form in the 1980s.

With its racy and provocative ads (like the one on this post), Absolut was one of the first mainstream brands to aggressively target the gay community. Back when the sale effort was first announced, I opined that targeting gay media outlets was a decision that paid off, as this large, and often affluent population group, now counts Absolut as its vodka of choice. Perhaps a company like Budweiser, which has been widely criticized for spending money on ads (such as the Super Bowl) that have done little for the brand, could learn something from Absolut's edgy marketing.

The M&A field is in a rough patch right now, struggling from a tough debt market and general economic malaise. But apparently, strategic buyers are still able to pay up for strong brands.

Flowers die in a few days. Champagne goes flat, chocolate ends up on her hips, and not all jewelry matches the outfit d'jour. This year, why not give your Biz Babe a gift with a little more permanence; say, stock in a chocolatier, vintner or stone merchant. Here are a few whimsical possibilities:

Say it with chocolate. A pound of Godiva's best Valentine's Day mix will set you back $50 or more. For a few bucks less, you could pick up three shares of the Rocky Mountain Chocolate Factory (NASDAQ:RMCF). Since '03, RMCF has grown from around $4 a share to $13.75, and certainly looks better now that those long-digested truffles.

Toast the day with champagne. You could pop open a bottle, but then you'd have to fix the hole in your ceiling and suffer through the hangover. Instead, pick up a share of French company Pernod Ricard (EPA:RI), owners of the Mumm and Perrier-Jouet brands of the bubbly. You'll also own Laphroaig whisky, Seagram's gin, Wild Turkey, and a full bar of other brands. The price is about that of a bottle of Dom Perignon, but the certificate will last longer.

Remember -- not all that glitters is gold. DeBeers would have you believe only a piker would come home without a diamond on Valentine's Day. But how about a diamond stock instead? Give your S.O. a few shares of Tiffany & Co. (NYSE:TIF), for example, and every time she sees another woman wearing a Tiffany creation, your sweetie will get the thrill of knowing a taste of that sale price will end up in her pocket.

Tomorrow: Gift suggestions for the testosteroned one in your life.