George Clooney and Partners Sell Tequila Business for up to $1 Billion

George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion.

The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos — which roughly translates to “house of friends” — to have any impact on its earnings until its fourth year under the new parent company.

“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 to Variety, confirming the deal. “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.”

The transaction is expected to close in the second half of 2017.

Clooney and partners — entertainment entrepreneur Rande Gerber and real estate tycoon Michael Meldman — are expected to stay with the company after the sale. The men founded the brand initially as a private collection for their close friends and family, but once they were required to get a license to continue making the tequila, they began selling it publicly.

Diageo’s holdings already include Don Julio, DeLeon, and Peligroso brands. The sale was first reported by Deadline Hollywood.

More Biz

  • Morgan Freeman

    Morgan Freeman Accused of Sexual Harassment by Multiple Women

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

  • Woody Allen

    Moses Farrow Defends Father Woody Allen, Claims Mia Farrow Was Abusive

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

  • Federal Prosecutors Investigating Harvey Weinstein Sex

    Federal Prosecutors Investigating Harvey Weinstein Sex Cases

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

  • Fear the Walking Dead BTS

    Production Coordinators Fight for Equal Pay for Equal Work

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

  • NFL Players Will Be Fined for

    NFL Will Fine Teams if Players Don't Stand for National Anthem

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

  • A man watches a baseball game

    The Big Gamble: Is Sports Betting Really a $7 Billion Media Windfall?

    George Clooney and his partners have sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal sees Diageo paying $700 million up front, with the potential for another $300 million payout over the next 10 years based on the tequila brand’s performance, according to CNBC. Diageo doesn’t expect Casamigos […]

More From Our Brands

Access exclusive content