Italian spirits maker Campari group has reached a deal to add the French liquor Grand Marnier to its growing portfolio.

Campari said in a statement it has an agreement to buy a 17 percent stake in the family-controlled Societe des Produits Marnier Lapostolle for 8.05 euros a share, a 60 percent premium on Friday's closing price. The deal values the French company at 684 million euros ($760 million).

Campari, the sixth-largest premium spirits maker, has been growing both organically and through acquisitions of brands like Wild Turkey and Skyy vodka. Still, Campari remains a niche player in a sector dominated by giants like Diageo and Pernod Ricard.

Under the deal, Campari will take control of the remainder of the family-held shares by 2021. Campari shares rose 1.08 percent.