Campari Group has raised €1.2 billion to finance last month’s acquisition of French cognac brand Courvoisier by selling new shares and convertible bonds to investors.
Last month, Campari revealed its plans to acquire Courvoisier from Beam Holdings for up to $1.32 billion.
The company disclosed that the newly issued shares were priced at €9.33 each, totalling €650 million. These shares were discounted by 6.05% from their original price.
Campari’s new shares make up 5.6% of all the ordinary shares Campari has issued. These new shares have the same rights as the ones that were already there, such as the right to receive dividends.
Additionally, Campari intends to collect €550 million by issuing convertible bonds to investors that will mature over five years, unless previously redeemed, converted or repurchased and cancelled.
The Italian business expects profits from the shares and bonds, combined with the expected profits from the sales of Courvoisier, to strengthen Campari’s overall financial position.
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