The Campari company raised 1.3 billion euros to buy out the owner of Courvoisier
Italian spirits maker Davide Campari-Milano has raised €1.2 billion in shares and bonds to finance its acquisition of the owner of the Courvoisier cognac brand.
According to Campari’s announcement on Wednesday, the company issued shares worth a total of 650 million euros. The shares were sold at €9.33, below Tuesday’s closing price of €9.93. In addition, Campari sold 550 million euros worth of bonds maturing in 2029.
The Italian drinks maker said it will use the proceeds to buy Beam Holding France, the owner of the Courvoisier brand, and for general corporate purposes.
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