MILAN, Dec 14 (Reuters) - Spirits group Campari has agreed to buy cognac house Courvoisier from Beam Suntory for an initial price of $1.20 billion, in the largest deal on record for the Italian group.

The deal, expected to close next year, envisages an additional earn-out of up to $0.12 billion to be payable in 2029, Campari said in a statement. (Reporting by Federico Maccioni Editing by Keith Weir)