Symington already owns the Cockburn’s vineyards and produces the ports after a deal with Beam four years ago, under which Beam retained worldwide distribution rights and ownership the brand.
Under the terms of the new deal, Beam will continue to market Cockburn’s in selected markets.
The acquisition is subject to regulatory clearance and is expected to complete by the end of the year.
“This is a win-win for both our companies and a logical next step for the brand,” said Donard Gaynor, senior vice president and managing director of Beam Global International.
“Symington has been a great producer of Cockburn’s for years, and this transaction allows both of our companies to focus our dedicated resources and efforts on driving continued, accelerated growth of our core categories of excellence.”
Symington joint managing director Paul Symington added: “We look forward to applying the centuries of experience that our family has in port to this magnificent brand.”