Campari Buys Courvoisier From Beam Suntory for $1.2 Billion (3)

Campari Group agreed to buy Courvoisier Cognac from Beam Suntory for at least $1.2 billion in the largest acquisition in the Italian spirit maker’s history.

The deal adds one of the major Cognac brands to Campari’s portfolio, which includes the namesake liqueur and the Aperol brand. Campari shares fell as much as 5.9% Friday in Milan and later traded down 2.1%.

The acquisition comes amid tough times for Cognac producers. Makers of the French spirit are facing weakening demand, particularly from US consumers, after a surge in demand during the pandemic. Courvoisier competes with LVMH’s Hennessy and Remy Cointreau ...