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(Sharecast News) - Davide Campari-Milano, the Italian spirits company famous for its Campari brand, has announced plans to buy Courvoisier from Beam Suntory, causing shares to fall in Milan on Friday.
The acquisition, revealed late on Thursday, relates to Beam Holding France for a fixed price of $1.32bn, with an initial payment of $1.20bn following by an earn-out payment of $120m dependent on sales targets.
Davide Campari-Milano, which trades as Campari Group, currently owns over 50 brands, including Aperol, SKYY Vodka, Wild Turkey and Grand Marnier.
The company said the deal would strengthen its portfolio in the premium aged spirits category and support its long-term ambitions for growth in the US.
The Courvoisier brand generated sales of $249m in 2022, of which 60% came from the US.
The stock was down 2.8% at €10.02 by 1342 in Milan.