Campari Raises $1.31 Billion to Fund Courvoisier Acquisition
10 January 2024 - 7:36PM
Dow Jones News
By Andrea Figueras
Davide Campari-Milano said it raised 1.2 billion euros ($1.31
billion) through a discounted share offering and an issue of
convertible bonds to fund its planned acquisition of the owner of
Courvoisier cognac and strengthen its finances.
The Italian distiller said Wednesday that the shares were placed
at EUR9.33 each, which compares with Campari's closing share price
on Tuesday of EUR9.93, amounting to EUR650 million.
New shares, which represent 5.6% of Campari's issued and
outstanding ordinary share capital, will confer the same rights,
including dividend rights, as the existing ordinary shares.
Campari will raise EUR550 million with the bonds, which have a
maturity of five years, the company said.
In December, the company said that it had entered into exclusive
negotiations with Beam Suntory to acquire Beam Holding France,
which owns Courvoisier cognac for up to $1.32 billion.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
January 10, 2024 03:21 ET (08:21 GMT)
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