Pernod Ricard has sold its Wild Turkey bourbon brand to Campari for $575m (£392m).
Pernod Ricard, which also owns the Absolut, Chivas Regal and Jameson brands, says the sale of Wild Turkey means the company has completed nearly 60% of its plan to dispose of €1bn (£900m) in “non-strategic assets”.
The sale of the bourbon drink is part of Pernod Ricard’s plan to sell some of its brands to meet European Commission regulations on competition.
The drinks maker also announced its intention to raise €1bn (£900m) in equity capital through a share sale as it tries to reduce some of the debt burden taken on when it bought the Absolut vodka brand from Vin & Spirit for €5.63bn (£4.47bn) last March.
The move comes as Pernod Ricard announced it has appointed Philippe Guettat, currently managing director of its China business, as chairman and chief executive officer of The Absolut Company.
The drinks giant recently launched the first UK advertising campaign for Absolut since it bought the brand. The “Protest” campaign, created by TBWA, aimed to depict a world where conflict can be resolved in peaceful and light-hearted exchanges.