Campari bought Courvoisier for $1.2 billion – Kommersant
[ad_1]
Yesterday, December 14, Italian alcoholic beverage manufacturer Campari announced about the purchase of the famous French cognac brand Courvoisier from the Japanese company Beam Suntory. The amount will be $1.2 billion, this is the largest transaction in the company’s history. The deal is expected to close next year. If sales targets are achieved, Campari will pay an additional $120 million in 2029.
Since 2007, Campari has acquired 27 other companies for a total value of more than €3 billion, including Grand Marnier Group for €490 million
The new acquisition makes the company a more serious competitor to traditional market leaders – Diageo and Pernod Ricard. The deal also strengthens Campari’s position in the American market, which accounts for 55% of all Courvoisier sales, as well as in the Asia-Pacific region, where cognac sales overall are growing. Campari expects the acquisition of Courvoisier to boost its sales by 9% and earnings per share by 2%.
The Courvoisier cognac house was founded in 1828; it is one of the most famous cognacs in the world, one of the so-called big four cognacs. The company’s sales fell 33% last year.
Campari shares fell 5% after the deal was announced.
[ad_2]
Source link
