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Actor George Clooney has sold the tequila company he founded to drinks giant Diageo (LON:DGE), in a deal worth $1 billion.
Clooney founded Casamigos four years ago with Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman, and has seen its popularity grow to sell 120,000 9-litre cases last year, mainly in the US.
Diageo, the world’s biggest spirits maker, will pay $700 million now and a further $300 million based on the brand’s performance over the next decade. According to the company, Casamigos is now the fastest growing premium tequila brand in the US.
In a statement, Clooney said:
“If you asked us four years ago if we had a $1bn 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.”
Clooney and the other founders will continue to promote the company, after investing five years prior to its launch tasting and developing the drink in the Jalisco highlands of Mexico.
The tequila market has continued to expand over the last couple of years, with sales rising by 5.2 percent globally last year, compared with just 0.3 percent growth for the spirits industry as a whole, according to data tracker IWSR.
Diageo (LON:DGE) shares are currently trading down 1.39 percent at 2,341.50 (1037GMT).