One of Hollywood’s wealthiest men just got hundreds of millions of dollars richer.
George Clooney has decided to sell his tequila company Casamigos to Diageo for as much as $1 billion, the company said Wednesday.
The transaction, which is expected to close in the second half of 2017, will see Diageo initially pay $700 million for Casamigos, possibly paying as much as $300 million more based on the brand’s performance over the next ten years.
Remember Casamigos? The tequila company marketed to hipsters in a grainy, Instagram-able ad campaign in 2015? Clooney said in an email to CNBC that if you had asked him if he thought he’d have a billion-dollar company when Casamigos (which roughly translates to “house of friends”) launched four years ago, he would not have said yes.
Can’t say we would have said yes either. However, if you’re a fan of Clooney’s influence on the brand, don’t fret both he and his two co-owners will be staying on after the company’s acquisition.
“We’re not going anywhere,” Clooney said. “We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.”
Honestly, we need one too.