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Campari Group has agreed to acquire 100% of cognac brand Courvoisier from Beam Suntory. The Italian group plans to acquire Courvoisier for up to $1.32 billion. The transaction – which is set to become Campari's biggest acquisition – involves an initial investment of $1.20 billion from the company, with an additional payment of up to $0.20 billion scheduled for 2029. The acquired business includes an inventory of maturing eaux-de-vie valued at approximately $365 million as of 31 October 2023. According to Campari, it consists of "well-balanced" age profiles to support future brand development. The deal also covers trademarks and various production facilities, such as distillation units, warehouses, vineyards, a visitor centre and château, blending facilities, ageing cellars and an automated bottling plant. Bob Kunze-Concewitz, CEO of Campari Group, said: "We are very pleased to acquire a top-four historical cognac house, Courvoisier, with great latent equity and highly acclaimed expressions. 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." He continued: "By leveraging our heavy cognac expertise at board and executive team level, Campari Group has a fantastic opportunity to reinforce this brand’s credentials as a global icon of luxury, priming cognac to become Campari Group’s fourth major leg along with aperitifs, bourbon and tequila. Concomitantly, we are looking forward to accelerating our premiumisation journey, further enriching our Rare portfolio, the division created to unlock and accelerate the growth potential of a select range of high-end individual expressions in our core premium spirits markets." Matteo Fantacchiotti, deputy CEO at Campari Group, added: "In what is the biggest deal in Campari Group’s history, Courvoisier will enable a significant step up in the US while also permitting long-term transformational potential in the strategic Asia-Pacific region". "In addition to acquiring a globally recognised brand with strong premiumisation credentials, we have a unique opportunity to expand our cognac production and bottling capacity in France, a core platform of our global supply chain. Our recent investments into business infrastructure and enhanced operation capabilities, combined with Campari Group’s formidable reputation for investing in brands with strong equity and potential for long-term sustainable growth will allow us to unlock Courvoisier’s full potential." "We are very excited to further build upon our premium portfolio of brands in the US, simultaneously adding significant leverage into China and the wider Asia Pacific arena, while also expanding the premium innovation platform for our cognac portfolio." The closure of the transaction will be subject to the completion of the appropriate regulatory processes and customary antitrust approvals. The deal is expected to close in 2024.