Money & Power

George Clooney Sells Casamigos Tequila for $1 Billion

Diageo is buying the spirits brand from Clooney and his partners Rande Gerber and Michael Meldman.
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George Clooney is about to get even richer.

The actor and new father is selling Casamigos, the tequila company he owns with Rande Gerber and Mike Meldman, for a deal that could be worth as much as $1 billion.

The British-based spirits company Diageo has agreed to pay $700 million for the company initially, CNBC reports, "with the potential for another $300 million based on the tequila's performance over 10 years." The deal is expected to close later this year.


Michael Meldman, Rande Gerber, and George Clooney exit a Casamigos-branded jet.

"If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes," Clooney told CNBC in an e-mail. "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."

Casamigos, which means "house of friends" in Spanish, began as a private label for Clooney and his friends Gerber, a nightlife industry veteran, and Meldman, a real-estate mogul who founded Discovery Land Company. In 2013, the trio made their tequilas available to the public and by 2016 it was producing 120,000 cases. It's on track to make 170,000 cases by the end of 2017, according to a press release.

"We are extremely excited to team up with one of the largest, most respected spirits companies in the world," Gerber said. "What started from a friendship and an idea to create the best-tasting, smoothest tequila as our own house tequila to drink and share with friends, has quickly turned into the fastest growing super-premium tequila."

Clooney, Gerber, and Meldman are expected to remain involved with the company after Diageo completes its acquisition.

This story originally appeared on Townandcountrymag.com.
* Minor edits have been made by the Townandcountry.ph editors.

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