It’s a very good time to be George Clooney.
Just days after wife Amal welcomed a set of twins, actor George Clooney has sold his tequila company, Casamigos, to Diageo.
The price? 1 billion dollars.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney told CNBC via email. “This reflects Diageo’s belief in our company and our belief in Diageo. But we’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.”
Diageo will pay $700 million initially, with an additional $300 million to come based on the company’s performance in the next 10 years.
The purchase will be Diageo’s biggest since it bought United Spirits for $3.2 billion in 2014.
Diageo chief executive Ivan Menezes said in a statement that the purchase supports the company’s “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 U.S. to capitalise on the significant international potential of the brand,” Mr Menezes said.
Casamigos was owned by Clooney, Rande Gerber and Michael Meldman, and all 3 are expected to remain with the company.