Italy-based spirit manufacturer Gruppo Campari has signed an agreement to sell its Italian winery estates to Terra Moretti Distribuzione for €62m.

Under the terms of the deal, €57m in cash will be transferred at the closing and the remaining amount will be corresponded with a deferred payment in four years' time guaranteed by a pledge on Teruzzi & Puthod shares, with maturing interests.

The businesses being sold include Sella & Mosca and Teruzzi & Puthod trademarks, as well as vineyards, vinification and production plants, and inventory and real estate assets.

The closing of the transaction is expected before the end of 2016.

"In particular, after this transaction, Gruppo Campari completes its exit from the Italian still wines business."

Sella & Mosca is based in Sardinia. It is an important winery in Italy and a large estate in Europe with 550ha of vineyards.

The business is engaged in the vinification of still and sparkling wines, with an increasing presence in the premium wines segment, including red wines such as Marchese di Villamarina, Tanca Farrà, Cannonau, and Terre Rare, as well as white wines such as Monteoro, Vermentino di Gallura, Terre Bianche, and Torbato.

Teruzzi & Puthod is an important winery in the San Gimignano area in Tuscany, and is a brand for Vernaccia di San Gimignano. Its product range comprises premium wines including Terre di Tufi, Arcidiavolo and Peperino.

Gruppo Campari's chief executive officer Bob Kunze-Concewitz said: “We are very pleased to sign this transaction with Terra Moretti Distribuzione leader in the distribution of premium wines, and a perfect fit for Sella & Mosca and Teruzzi & Puthod to ensure and further enhance the value and tradition of the brands at both national and international level, also thanks to the agreement with N.U.O. Capital.

“Moreover, this transaction confirms Gruppo Campari strategy of streamlining non-core activities and increasing focus on its core spirits business.

"In particular, after this transaction, Gruppo Campari completes its exit from the Italian still wines business, started in 2015 with the disposal of Enrico Serafino.”