Italy-based beverage company Campari Group has announced that it has initiated exclusive negotiations with French company SARL FICOMA.

The talks are for acquiring 80% interest in the share capital of SARL Champagne Lallier and other companies of the group.

Financial details of the deal have not been divulged by the parties. A put option is awarded to SARL FICOMA, a family holding of Francis Tribaut.

SARL FICOMA is the owner of the Champagne brand Lallier, which was established in 1906. It was founded in one of the few villages that are classified as ‘Grand Cru’ in Champagne, Aÿ.

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Last year, the company is said to have sold nearly one million Champagne bottles, which included close to 700,000 bottles of Lallier.

Under the agreement, the Italian beverage company expressed its intent to acquire the brands, related stocks, real estate assets, including owned and operated vineyards, and production facilities.

If the deal is completed, Campari will be the first Italian company to enter the champagne category.

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Campari noted that it is extending its premium product offerings with Lallier brand, which is currently available across selected on-trade outlets and bottle shops.

Completion of the deal is subject to the completion of French labour law processes.

Last month, Campari Group completed the acquisition of Baron Philippe de Rothschild France Distribution (RFD) for €60m ($66m).