Wild Turkey sold to Campari

Published: 08 April, 2009

Pernod Ricard has sold its Wild Turkey bourbon brand to Campari for €433 million in cash.

The deal, subject to regulatory approval, is part of the French company's €1 billion asset disposal plan announced last summer after the purchase of Vin & Sprit.

The sale figure represents about 10 times the brand's historic contribution after advertising and promotion, Pernod said.

The deal includes the Wild Turkey brands, along with American Honey liqueur, distillery facilities in Kentucky and related assets, together with aged bulk bourbon inventory.

Pernod will continue to distribute Wild Turkey in Australia and New Zealand, for a transitory period, and in Japan, the second largest non-US market, subject to agreements with Campari.

The company has now reached 60% of its disposals target and is confident of completing the remaining deals within its stated 12-month time frame.

Pernod has also announced plans for a €1 billion rights issue to reduce debt and to "allow the group to strengthen its balance sheet and address the major part of its refinancing needs until July 2013," a statement said.

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