Symington Family Estates has agreed a deal to purchase one of the most famous names in vintage port - Cockburn's.

The two port houses already have an established relationship, with Symington having previously acquired Cockburn's vineyards and the right to produce Cockburn's Port back in 2006.

Current owner Beam Global International, which produces Courvoisier, Jim Beam and Teacher's, will retain the right to distribute Cockburn's as part of the terms of the deal.

Paul Symington, joint managing director of Symington Family Estates, expressed his delight at the acquisition. "We look forward to applying the centuries of experience that our family has in Port to this magnificent brand," he noted.

Beam Global senior vice-president described the deal as "win-win" for the firms involved, with his company now able to refocus its resources to other core brands.

Mr Symington told the Drinks Business last week that he expects 2010 to be an excellent year for vintage port.