George Clooney has struck a deal to sell his tequila company Casamigos to London-based alcoholic beverage company Diageo for up to $1 billion, CNBC reported Wednesday citing a source familiar with the situation.
Clooney owns Casamigos with nightlife business magnate and husband to supermodel Cindy Crawford Rande Gerber along with real estate giant Michael Meldman. All three will stay on with the brand once the acquisition is complete, according to CNBC.
The actor, whose recently became a father to twins, told CNBC via email: “If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes.”
He added: “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.”
Casamigos started out as something of hobby among the three owners — who launched a private collection of tequilas initially intended to share among friends and family. The brand, which translates to “house of friends,” went public in 2013.
“It immediately took off,” Gerber told CNBC in November. “Right now, we’re the fastest growing ultra-premium tequila in the country.”
Diageo will pony up $700 million initially, adding an additional $300 million if Casamigos performs well over the next decade, CNBC reports. The deal is expected to go through by the end of this year.