Igristiye Vina, a Russia-based champagne producer, is set to acquire 70% stake in Italian wine maker Contarini by the end of 2013.
The company along with its co-investors, including a Spanish businessman and an Italian cooperative of wine producers, will pay around €8m for Contarini.
The funds will be employed in repaying Contarini's debts, totaling €20m, The Moscow Times reported.
Following the acquisition, Igristiye Vina plans to increase the yearly supply to between 1 and 1.5 million bottles.
Igristiye Vina owner Vasily Dragan was quoted by the website as saying that the deal is awaiting approval from the Italian court, however the company is already overseeing Contarini.
Contarini, which is one among the three largest Italian producers of prosecco, has supplied approximately half a million bottles of wine to Russia during the previous year.
