The deal includes distillery facilities in Kentucky, a bulk aged-bourbon inventory and the American Honey liqueur brand.
The sale is part of Pernod Ricard’s €1 billion disposal plan of what it terms “non-strategic assets” after the purchase of Absolut last year.
The deal is expected to be completed before June 30, subject to regulatory approval.
Bob Kunze-Concewitz, chief executive officer of Grupo Campari, said: “With Wild Turkey, Campari adds a brand of strategic relevance to its portfolio and further enhances its premium offering
“This is another key step in the building of a leading player in the global spirits industry.”