Diageo Completes Acquisition Of George Clooney's Tequila Brand
Published on Aug 22 2017 10:00 AM
Diageo has recently confirmed that it has completed its acquisition of George Clooney's tequila brand Casamigos.
The deal was first announced on 21 June, 2017, and is believed to be worth €900 million ($1 billion).
The Guinness owner will reportedly pay €600 million for Casamigos at first, and then pay another €200 million over 10 years if the brand reaches certain performance milestones.
The actor co-founded the tequila brand just four years ago with partners Rande Gerber and Mike Meldma.
“We are excited to work alongside the founders Rande Gerber, George Clooney, and Mike Meldman as we continue to grow the brand” said Deirdre Mahlan, President, Diageo North America.
This is reportedly Diageo’s biggest deal since its $3.2 billion acquisition of United Spirits in 2014.
In a statement back in June, Clooney wrote, "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. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Casamigos, is the 'fastest growing super-premium tequila brand in the US'.
© 2017 - Checkout Magazine by Donna Ahern