Germany-based Oetker Group’s sparkling wine, wine and spirits producer company Henkell has reached an agreement to buy 50.67% shares of Spanish cava producer Freixenet.

Furthermore, Henkell has signed an extensive, international cooperation agreement with the remaining shareholders José Ferrer Sala and José Luis Bonet Ferrer.

The companies, by joining forces, will become the world’s leading sparkling wine group.

The partnership will aim to open up new markets and distribution channels for both companies, allowing them to further expand their international market positions and to achieve sustainable growth.

Freixenet president José Luis Bonet Ferrer said: “Over three generations, we have made Freixenet the world’s leading producer of cava.

“In Henkell we have found a strong partner with a long-term strategy, which will significantly strengthen Freixenet and help us to maintain our identity and tradition – with an even stronger international presence in the future.”

“Together, we can offer our customers not only global expertise but also a unique range of first-class brands and specialties.”

Henkell noted that it shares a deep understanding of tradition, quality and continuity with Freixenet.

Dr. August Oetker general partner Dr Albert Christmann said: “The Oetker Group consequently continues the expansion of its areas of business.

“With the acquisition of the shares of Freixenet we will strengthen the international market position of our sparkling wine, wine and spirits division significantly while at the same time we build up a solid base for sustainable joint growth in that business.”

The companies have not disclosed the financial details of the transaction, which is subject to approval by the antitrust authorities.

Henkell CEO Dr Andreas Brokemper said: “Henkell and Freixenet share a strong entrepreneurial vision.

“We are delighted to realise as partners the opportunities of the globally growing sparkling wine market. Together, we can offer our customers not only global expertise but also a unique range of first-class brands and specialities.”