BIG BUCKS for a Wild Bird
Bourbon is big business these days and everyone wants a piece of it. Italian distiller Davide Campari-Milano SpA has agreed to buy the Wild Turkey brand of Kentucky bourbon from Pernod- Ricard SA for $575 million to expand in the US and Australia. Campari also acquired the American Honey liqueur brand along with distilleries and inventory in Kentucky in the deal. The cash acquisition is Milan-based Campari’s biggest-ever purchase. The distiller has also purchased a Ukrainian winery and an Argentine spirits business to expand in emerging markets. The acquisition will boost Campari’s share of the US spirits market and help earnings in its first year. The sale is expected to be completed by June 3O.