George Clooney accepts $1bn Diageo offer for his 4-year-old tequila brand
George Clooney has proven himself to be every bit as astute a businessman as he is an actor after agreeing to sell his Casamigos tequila company to Diageo for a cool $1bn.
George Clooney accepts $1bn tequila sale to Diageo like a shot
The takeover is expected to conclude during the second half of the year when Clooney will pocket an initial $700m payout from the global drinks giant, with the prospect of a further payment of $300m based on Casamigos performance over the next decade.
Naturally over the moon at the prospect of becoming an instant billionaire Clooney told CNBC: “If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes. 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."
Casamigos ‘translated as House of Friends’ was initially formed as a private collection of tequila’s for the friends and family of Clooney and Gerber but sales exploded in 2013 when the pair made the label public and is now the fastest growing ultra-premium tequila brand in the US.
Under the terms of the deal Clooney will remain in place along with co-owners Rande Gerber and Michael Meldman.
Tequila's present popularity is also illustrated by the defection of The Most Interesting Man in the World from Heineken's Dos Equis beer brand as the new face of Astral Tequila.