Campari in Talks to Buy Courvoisier Cognac From Beam Suntory for Up to $1.32 Billion
15 December 2023 - 5:11AM
Dow Jones News
By Mauro Orru
Davide Campari-Milano entered into exclusive negotiations with
Beam Suntory to acquire the owner of Courvoisier cognac for up to
$1.32 billion, paving the way for a significant step up in the U.S.
market in what the group said would be the largest deal in its
history.
The Italian distiller said Thursday that the talks with Beam
Suntory were aimed at acquiring Beam Holding France, which owns
Courvoisier, for a fixed purchase price of $1.20 billion on a cash-
and debt-free basis, with an additional payment of up to $120
million expected in 2029 upon the achievement of a 2028 net sales
target.
"The addition of Courvoisier cognac to our portfolio of global
priorities is a rare and unique opportunity to expand our premium
spirits portfolio and cognac offering," said Campari Chief
Executive Bob Kunze-Concewitz.
The deal is expected to close in 2024.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
December 14, 2023 12:56 ET (17:56 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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