Italian spirits and drinks group Campari announced on Tuesday plans to buy the French company that owns Grand Marnier, SPML, in a deal worth 684 million euros ($759 million).

Campari CEO Bob Kunze-Concewitz, in a statement, said acquiring Grand Marnier "strengthens our quest to further capitalise on the revival of classic cocktails, particularly in the US" and would "further consolidate our position as the leading purveyor of premium liqueurs and bitter specialties worldwide".