The world’s sixth largest spirits company, Campari (CPRI.MI) best known for its Spritz cocktail containing the orange aperitif Aperol, said today that it will buy Grand Marnier (GDMR.PA) for €684 dollars.

Grand Marnier investors will receive €8.05 per share in cash a 60 percent premium to the stock value.

Bob Kunze-Concewitz, Campari’s chief executive, has said that the deal was “a perfect fit with our external growth strategy. Grand Marnier strengthens our quest to further capitalise on the revival of classic cocktails, particularly in the US.”

Shares in Campari rose 1 percent on Tuesday morning whilst shares in Grand Marnier were suspended from trading.

Despite a spate of mergers and acquisitions in recent years, the global spirits industry remains to be relatively fragmented to beer.