CPR Davide Campari

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)

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