Campari has finalized the acquisition of Courvoisier Sas, owner of the cognac brand of the same name, for an enterprise value of up to $1.32 billion, announced last December.

Campari acquired 100 percent of Beam Holdings France, renamed Courvoisier Holding France, which in turn owns 100 percent of Courvoisier Sas, a note explained.

Following the signing of the agreement on Feb. 26, conditions precedent were met, which included consultation with French workers' representatives and completion of various regulatory requirements, including antitrust.

The purchase price is $1.17 billion (1.08 billion euros after exchange rate hedging) including the book value of the aging liquid inventory to date of $410 million.

Campari will also pay about $30 million for finished product inventory in the seller's trading companies, and an earn-out of up to $120 million in 2029 is expected based on the achievement of sales targets realized in the previous year.

The purchase price and finished product inventory are still subject to the usual price adjustment mechanisms, to be calculated over the next 90 days.

(Gianluca Semeraro, editing Andrea Mandalà)