George Clooney,partners sells Tequila brand for $1 billion

The Tequila brand known as Casamigos partly owned by the actor,George Clooney,entertainment entrepreneur,Rande Gerber and real estate magnate,Michael Meldman have sold the brand to Diageo,a British based distiller for One Billion Dollars.


The brand,Casamigos was meant for family and friends at the initial stage but later,they had to get a licence to continue making the drink,this however prompted them in going on a commercial scale.

Photo credit-Casamigos Tequila

The business which they started four years ago is now worth a billion dollars but who would have believed it then,said Clooney.

''If you asked us four years ago if we had a billion dollar company,i don't think we would have said yes.

''This reflects Diageo's belief in our company and our belief in Diageo,but we are not going anywhere;we will still be very much a part of Casamigos.Starting with a shot tonight,maybe two.''

The deal is expected to be sealed in the second half of 2017 with an initial payment of $700 million and $300 million to be paid in the course of ten years.