Champagne labels Piper-Heidsieck and Charles Heidsieck have been sold to French firm Societe Europeenne de Participations Industrielles (EPI).

Remy Cointreau had been looking to sell-off the division since November, despite the loss-making brands promising to break even this year.

The deal for the two Champagne estates is worth an estimated €400 million (£347 million), and includes 800 hectares of vineyard and 40 million bottles from the two houses.

Reports suggest the EPI will proceed with the two estates in their current format, with no plans to split the company or make staff changes.

EPI already has experience in the wine world, as it owns Luberon estate Chateau la Verrerie.

The new owners may wish to consider looking to the Far East to expand their sales market for the two labels.

Salon's Didier Depond recently claimed that Chinese wine enthusiasts are "coming round" to the idea of Champagne, although it may be some time before his own brand and its delicate taste can integrate itself with the region's cuisine.