Diageo to buy Clooney's tequila brand in $1 billion deal

Gerber and Clooney spent two years meeting with distillers and trialed 700 different samples of tequila until they found the flawless recipe.

According to CNBC, George Clooney, along with business partners Rande Gerber and Michael Meldman, have chose to sell their world-famous tequila-brand, Casamigos, for almost $1 billion. You probably do know, after the actor/filmmaker sold his tequila company Casamigos (of course that's the name) for a reported $1 billion to Diageo, a spirits maker.

Gerber, too, wrote in a statement to Vanity Fair, "We created Casamigos Tequila four years ago for us to drink personally and selling it for one billion dollars is something we never could have imagined".

It's been an interesting stretch for the tequila industry, which has watched consumer preference shift towards premium brands like Casamigos.

"Our idea was to make the best-tasting, smoothest tequila whose taste didn't have to be covered up with salt or lime".

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Diageo announced the news in a press release which reveals that the deal is expected to close in the second half of calendar 2017. "Maybe two." We're raising our shot glass with you, George. "We are delighted that the founders will have continued involvement and active participation in the future success of Casamigos". "We'll still be very much a part of Casamigos".

Casamigos, which loosely translates to "house of friends", started as just a collection of tequilas for George, Rande and their friends. Other brands in the Diageo portfolio include Johnnie Walker whiskey, Bulleit bourbon, Ketel One vodka.

Diageo said on Wednesday it will pay $700 million initially for the brand, co-founded by the American actor, with a further potential $300 million to be paid, based on a performance linked earn-out over 10 years.

George and Rande will stay involved with the brand after the acquisition, which is set to take place later this year (17). "We wanted to keep drinking it", Gerber says.