UPDATE 2-Campari's Wild Turkey buy sends shares higher

* Campari to pay Pernod Ricard $575 million for Wild Turkey

* Deal expected to close before June 30

* Camparis shares rise 6 percent to five-month high

* Traders divided over whether price expensive

(Adds market reaction, company and market comments, details)

MILAN, April 8 (Reuters) - Italy's Davide Campari (CPRI.MI) has agreed to buy the Wild Turkey straight bourbon whiskey brand from Pernod Ricard (PERP.PA) for $575 million in its largest acquisition to date aimed at boosting its U.S. presence.

Wednesday's news initially sent Campari's shares up more than 6 percent to 5.14 euros in Milan, a five-month high. By 0926 GMT the shares were trading at 4.92 euros, up 3.52 percent.

"Strategically it is a great deal," one trader said.

Campari, best known for its bitter red aperitif of the same name, said the cash deal was 12 times expected earnings before interest, tax, depreciation and amortisation (EBITDA) in the 12 months after the deal's closing, expected before June 30.

"With Wild Turkey Campari adds a brand of strategic relevance to its portfolio and further enhances its premium offering," Chief Executive Bob Kunze-Concewitz said.

"The transaction demonstrates our commitment, in line with our strategy, of continuing growth in the profitable U.S. spirits market," he said.

The deal, which also sees Campari expand in Australia and Japan, will increase the weight of its business outside its home market of Italy to almost two thirds of sales.

The acquisition is the fourth made by Campari in the United States. Previous purchases include SKYY Vodka, Cabo Wabo and X-Rated 2007, bringing the total investment to $1.1 billion.

Traders were divided over whether the offer price was expensive for Campari even though it could afford it.

One of them said the deal was "not looking cheap" at 12 times EBITDA, while another said the enterprise value of the brand would have been 16-17 times EBITDA if the deal had been done six months ago.

Campari, whose product portfolio includes spirits, wines and soft drinks, said in the statement it would finance the purchase with credit facilities.

Kunze-Concewitz had told Reuters in an interview last month that he was looking for acquisitions and had 600 million euros at his disposal to spend on them.

Apart from the Wild Turkey brand, Campari will be buying American Honey, a honey and whiskey based liqueur, as well as distillery facilities in Kentucky.

Volume is more than 800,000 9-litre cases sold in more than 60 markets but the United States is its largest market, accounting for nearly half of sales. (Reporting by Nigel Tutt and Gilles Castonguay; Editing by Greg Mahlich)