Italian Campari raises €1.2 billion to finance acquisition of French cognac brand Courvoisier

Spirits giant Campari is financing its acquisition of cognac manufacturer Courvoisier by issuing new shares and convertible bonds worth €1.2 billion.

The €650 million private placement of new shares was effected through an accelerated bookbuild offering executed by BofA Securities Europe SA, Goldman Sachs Bank Europe SE, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo S.p.A. and Mediobanca Banca di Credito Finanziario S.p.A. In addition, Campari issued senior unsecured convertible bonds (€550 million) maturing in 2029 that can be converted into new or existing Campari shares. 

Together with PedersoliGattai and Cravath, Houthoff advised Campari on the private placement of these shares and convertible bonds. The team was headed by Jetty Tukker and included Jessica Terpstra, Philippe König, Sylvia Dikmans, Emma Schutte and Eva Luna de Boer.