Tags: george clooney | tequila | casamigos | sold | 1b

George Clooney Tequila Company Casamigos Sold for $1B

George Clooney Tequila Company Casamigos Sold for $1B

George Clooney attends a Casamigos Tequila launch party in London on Oct. 1, 2015. (Rex Features via AP Images)

By    |   Wednesday, 21 June 2017 06:43 PM

Actor George Clooney announced Wednesday he is selling his tequila brand, Casamigos, to Diageo, which produces Johnnie Walker, Smirnoff and Ciroc, for $1 billion.

Clooney launched the tequila company in 2013 with partners Rande Gerber and Mike Meldman.

“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, CNN Money reported.

Clooney said he will still be involved in the company after the sale.

“We’re not going anywhere. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two,” Clooney added.

U.K.-based Diageo confirmed in a statement that Clooney and partners will still promote the brand and handle “leadership and vision,” CNN reported.

Diageo said it will pay $700 million to Clooney and partners initially, and that they expect the transaction to close in the second half of 2017, CNBC reported. The remaining $300 million will be based on the brand’s performance over 10 years.

Diageo did not expect to increase its earnings based on the deal for at least three years.

Casamigos translates to “house of friends” and started as a private collection for friends and family members only. When the partners ran into licensing requirements, they decided to make the brand public and it quickly became the fastest-growing ultra-premium tequila in the U.S., CNBC noted.

Twitter wasn’t exactly overjoyed to hear Clooney would get even richer than Hollywood has made him.

© 2019 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
Actor George Clooney announced Wednesday he is selling his tequila brand, Casamigos, to Diageo, which produces Johnnie Walker, Smirnoff and Ciroc, for $1 billion.
george clooney, tequila, casamigos, sold, 1b
314
2017-43-21
Wednesday, 21 June 2017 06:43 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved