George Clooney is no more a co-owner of the tequila company Casamigos to Diageo, the actor made a hard decision to sell the business for $1 billion.
On Wednesday, the Hollywood A-lister and businessman George Clooney sold his tequila business Casamigos to Diageo. Despite this decision, George noted that several years ago he would never agree to leave Casamigos to Diageo even for one billion dollars. But time is changing, and people do the same, in 2017, Clooney sold his tequila company.
Casamigos, (house of friends) started as a private collection of tequilas meant just for Gerber and Clooney’s friends and family. However, in 2013, the team brought the label public when they had to get licensed to continue making the tequila, which gained a popularity in the USA thanks to its quality and popular owners.
Business deal on Casamigos to Diageo: $1bln for tequila company
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila’s performance over 10 years. The transaction is expected to close during the second half of 2017.
Co-owners of George Clooney is Michael Meldman and Rande Gerber (Cindy Crawford’s husband), all of them are expected to stay with the company after its acquisition. Mr Gerber founded nightlife companies Midnight Oil and the Gerber Group, and Meldman is a real estate tycoon.