Italian drinks group Campari has said that it has bought 99% of Ukrainian sparkling wine group Odessa for US$18m.

In a double acquisition, Campari has also paid US$4.2m for a 70% stake in Argentinian spirits company Sabia, the firm said. Sabia is one of the leading distributors of wine and spirits in Argentina.

Campari CEO Bob Kunze-Concewitz said that Odessa is "a highly attractive local business in Ukraine, which is one of the fastest growing markets in Eastern Europe".
He added: "This deal, combined with the recent acquisitions of Argentinian spirits company Sabia and Mexican company Destiladora San Nicolas, as well as the establishment of the Indian joint-venture, confirms our strong and unchanged commitment to strategic external growth, with a particular focus on emerging markets."

Campari revenue crept up by 0.8% to EUR649.6m ($914m) for the nine months ended 30 September, the group said last month. Pre-tax profit rose by 0.9% to EUR116.5m.