Home news George Clooney's tequila firm selling for $1bn

George Clooney's tequila firm selling for $1bn

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A tequila brand co-founded by film star George Clooney is being sold to global liquor company Diageo in a $1bn (£790m) deal.

Clooney launched the Casamigos brand four years ago with Rande Gerber and Mike Meldma.
Mr Clooney and Mr Gerber, who is married to model Cindy Crawford, have both appeared in adverts for the tequila brand and Diageo has said they and Mr Meldma would continue to promote it and have a say in its future.
The offer would see them get $700m at first and another $300m over 10 years, provided the brand reaches performance-linked milestones.
Mr Gerber said: “What started from a friendship and an idea to create the best tasting, smoothest tequila as our own house tequila to drink and share with friends, has quickly turned into the fastest growing super-premium tequila.

“Casamigos has always been brought to you by those who drink it and we look forward to continuing that, working alongside the expertise and global reach of Diageo.”
Ivan Menezes, chief executive of Diageo, said the purchase “supports our strategy to focus on the high growth super-premium and above segments of the category”.
“With the global strength of Diageo we expect to expand the reach of Casamigos to markets beyond the US to capitalise on the significant international potential of the brand.”
The deal is expected to close before the end of the year.

Source: SKY News Feed