George Clooney And Partners Sell Tequila Brand ‘Casamigos’ For $1 Billion

By Aynslee Darmon. 21 Jun 2017 12:56 PM

Keystone Press

Alcoholic beverage company Diageo has bought George Clooney and Rande Gerber’s tequila brand Casamigos for close to $1 billion.

Diageo will pay $700 million to take the company over, with the potential for another $300 million based on its selling performance over the next 10 years.

Clooney, and his partners Gerber and Michael Meldman started Casamigos in 2013 and plan to stay close to the company after the acquisition, “If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney said in a statement. “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.”

Meanwhile, Clooney’s close friend and Cindy Crawford’s husband, Gerber has this to say about the beloved lifestyle brand: “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. Now even more people will be able to enjoy and experience our love and passion for Casamigos.”

The transaction is expected to close later this year.