Of Luke Solomon
Campari Group completed on Tuesday 30 April, after all the required obligations, the acquisition of 100% of the capital of Beam holdings Francewhich changes name, with the best known Curvoisier holding France. In the end, the famous Cognac cost the Italian multinational 1.22 billion euros.
The operation began on December 14 with exclusive negotiations with the Japanese owner, Beam Suntorywhile the signing of the agreement took place on 26 February 2024.
The purchase value, up to now, is 1.17 billion dollars, corresponding to 1.08 billion euros and including 410 million dollars for the stock of aging product.
“In addition to the price – specifies an official note – an estimated amount of 30 million dollars (28 million euros), relating to the stocks of finished product held by Suntory’s commercial companies, will be paid to the seller by Campari, according to a transfer agreement of the warehouse”.
In this way the enterprise value reaches 1.2 billion dollars, equal to 1.11 billion euros.
Furthermore, an ‘earn-out’ (essentially an additional bonus) is envisaged, for a maximum amount of 120 million dollars (112 million euros), payable in 2029 based on the achievement of the net sales objectives achieved in 2028.
In the end, we arrive (in the event of payment of the earn-out) at a total value of Curvoisier of 1.32 billion dollars: precisely 1.22 billion euros.
