Welcome
Business & Practice

George Clooney Sells Tequila Brand to Diageo for $1 Billion

June 23, 2017, 4:00 AM

George Clooney may be the face of fancy coffee, but it’s in premium tequila that he just hit the real jackpot.

Diageo Plc agreed to acquire fast-growing tequila brand Casamigos, co-founded four years ago by Clooney, for as much as $1 billion. The deal expands the London-based distiller’s lineup in a fast-growing category, where it already owns the Don Julio, DeLeon and Peligroso brands.

The purchase will be Diageo’s biggest since its $3.2 billion acquisition of United Spirits Ltd. in 2014. After that deal boosted its presence in India, the owner of the Smirnoff brand is moving to strengthen its...

To read the full article log in.