You will be redirected back to your article in seconds

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

  • Gibson, Iconic Guitar Company, Said to

    Gibson, Iconic Guitar Company, Said to Be Nearing Bankruptcy

    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 […]

  • David Glasser Fired by the Weinstein

    Weinstein Co. Board Fires COO David Glasser for Cause

    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 […]

  • Rules Don't Apply review

    Warren Beatty Sought Wider 'Rules Don't Apply' Release Despite Grim Test Screenings

    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 […]

  • Oh Seok-geun Korean Film Council

    New Leader Promises Reforms at Korean Film Council

    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 […]

  • SOUTH KOREA OUTMandatory Credit: Photo by

    Actress Choi Hee-seo Looks Forward to a Promising Career

    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 […]

  • The Prison Korean Cinema

    Korea's Box Office Faces a Drop in Admissions as Streaming Services Compete

    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 […]

  • Andy Lo Hong Kong Writer Director

    Ambitious Filmmaker Andy Lo Wants Success in Both Hong Kong and China

    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