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George Clooney sells tequila company for up to $1 billion

24 Juin 2017

Spirits company Diageo is buying Casamigos, the tequila company co-founded by George Clooney, in a deal that values the company at up to $1 billion.

Chump change, to these high rollers, am I right? Well he may need to be put under again after news broke yesterday that the tequila company that the Oscar victor co-founded has been sold for $1bn.

"We're not going anywhere", he said in his statement. Starting with a shot tonight.

Clooney, star of such movies as "Ocean's Eleven" and "Up in the Air", started Casamigos with Rande Gerber and Mike Meldman, and they own equal shares of the company. In hindsight, clearly that was a savvy move on their part!

The tequila company co-founded by George Clooney has been sold for $1 billion (£790 million).

The deal's initial consideration is set at $700m (£552m) with a further potential $300m (£237m) payable based on a performance-linked earn-out over ten years.

"We are delighted that the founders will have continued involvement and active participation in the future success of Casamigos".

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Casamigos' sales doubled between 2014 and 2015, according to Ad Age, making it one of the world's fastest-growing tequila brands.

Rande, who is married to supermodel Cindy Crawford, told TMZ of the billion dollar sale.

It all began when they bought properties out in Mexico, and got so into drinking tequila they chose to make their own. "Maybe two", Clooney said via email to CNBC.

Its sales rose 5.2 per cent globally a year ago, according to data tracker IWSR, outperforming a spirits industry that edged up only 0.3 per cent.

The transaction is expected to close in the second half of 2017.

Diageo was formed in 1997 through the merger of Grand Metropolitan Public Limited Company and Guinness PLC.

George Clooney sells tequila company for up to $1 billion