A Kentucky icon has been purchased by Italy's Gruppo Campari for an estimated $575 million in cash.
Gruppo Campari has signed an agreement to acquire Pernod Ricard's bourbon whiskey brand Wild Turkey, which includes the Wild Turkey brands, American Honey liqueur, distillery facilities in Kentucky and the aged liquid and finished product inventory. The transaction is subject to antitrust approvals, is expected to close prior to June 30, 2009 and the consideration will be paid for in cash.
Campari now has more than $1.1 billion invested in U.S. assets. It purchased SKYY Vodka in 2002 and both Cabo Wabo and X-Rated in 2007.
Bob Kunze-Concewitz, Gruppo Campari's CEO, said in a statement, said: "With Wild Turkey, Campari adds a brand of strategic relevance to its portfolio and further enhances its premium offering. This acquisition is another key step in the building of a leading player in the global spirits industry. In addition, Campari expands its presence in key international markets such as Australia, where the acquisition provides the foundation for establishing its own distribution platform, and Japan."
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