Diageo, a multinational beverage company, has agreed to buy George Clooney's high-end Casamigos tequila brand "at up to $1 billion," the company said Wednesday. The deal will help Diageo expand its presence in the fast-growing tequila market, which already includes the Don Julio, DeLeon, and Peligroso brands. The London-based Diageo also owns Smirnoff, Captain Morgan, Johnnie Walker, and Guinness. The sale is expected to close later this year. Diageo CEO Ivan Menezes said buying Casamigos, which Clooney started four years ago with entrepreneur Rande Gerber and real estate developer Mike Meldman, "supports our strategy to focus on the high growth super-premium and above segments of the category." Clooney said the deal "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." Source: The Hollywood Reporter, Bloomberg |
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