George Clooney sells Tequila brand for $1 Billion


George Clooney, along with business partners Rande Gerber and Michael Meldman, have decided to sell their world-famous tequila-brand, Casamigos, to Diageo for nearly $1 billion, according to CBNC.

“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 said it will initially pay $700 million, with the potential for another $300 million based on the tequila’s performance over 10 years. The transaction is expected to close during the second half of 2017.

Diageo doesn’t expect the deal to add to its earnings until its fourth year. In the first three years, the brand will not have any impact on earnings

Clooney and co-owners Rande Gerber and Michael Meldman are expected to stay with the company after its acquisition.