Actor George Clooney and his business partners just made a cool $1 billion on their tequila brand Casamigos.
Diageo PLC, known for Smirnoff vodka and Guinness beer, has agreed to pay $1 billion for the business started in 2013 by Mr. Clooney and business partners Rande Gerber and Mike Meldman.
A statement by Diageo on Wednesday confirmed a $700 million initial buyout with $300 million to be paid over 10 years based on performance, Reuters reported.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Mr. Clooney said in a statement to Fox News. “This reflects Diageo’s belief in our company and our belief in Diageo. But we’re not going anywhere. [We’ll be] very much a part of Casamigos [and celebrate with] a shot tonight. Maybe two.”
A post shared by Casamigos Tequila (@casamigos) on Jun 8, 2017 at 1:03pm PDT
• Douglas Ernst can be reached at dernst@washingtontimes.com.
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