The drinks group, which is already a shareholder in Frescobaldi in Italy and Michael Mondavi of California, has acquired "a significant share" in the Mendoza-based winery.

Val Mendeleev, SPI’s chief executive officer said: “The Achaval-Ferrer winery is renowned for producing ultra-premium Argentinian wines which score some of the highest rankings from Robert Parker and Wine Spectator."

As part of the agreement between the two companies, the president of Achaval-Ferrer, Santiago Achával Becu, will retain his position and take on new resopnsibilities with SPI’s other wines.

Becu said: “This partnership presents a fantastic opportunity for our wines to achieve greater distribution and recognition the world over."