- Title: Diageo to buy George Clooney's tequila brand Casamigos for $1 bln
- Date: 21st June 2017
- Summary: LOS ANGELES, CALIFORNIA, UNITED STATES (FILE) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** GEORGE AND AMAL CLOONEY ON RED CARPET GEORGE CLOONEY ON RED CARPET CLOONEY SPEAKING DURING INTERVIEW
- Embargoed: 5th July 2017 18:43
- Keywords: George Clooney tequila Casamigos Diageo Rande Gerber Cindy Crawford Amal
- Location: LOS ANGELES, CALIFORNIA, UNITED STATES/LONDON, ENGLAND, UNITED KINGDOM
- City: LOS ANGELES, CALIFORNIA, UNITED STATES/LONDON, ENGLAND, UNITED KINGDOM
- Country: USA
- Topics: Celebrities,Arts / Culture / Entertainment
- Reuters ID: LVA0016M83O07
- Aspect Ratio: 16:9
- Story Text: Diageo Plc has agreed to buy George Clooney's high-end tequila brand Casamigos in a deal valuing it at up to $1 billion, as the world's largest spirits maker seeks to boost its presence in a high-growth market.
Diageo said on Wednesday (June 21) it would pay $700 million initially for the company, co-founded by the American actor, with potential payment of a further $300 million linked to performance over 10 years.
The deal comes two weeks after Pernod Ricard took a stake in mezcal maker Del Maguey, and highlights the opportunity companies see in Mexico's native spirits.
A new spate of high-end tequilas has helped the drink transcend its traditional image as a party beverage for young drinkers. Its sales rose 5.2 percent globally last year, according to data tracker IWSR, outperforming a spirits industry that edged up only 0.3 percent.
Casamigos, which means "house of friends," was founded in 2013 by Clooney and his friends - nightlife entrepreneur Rande Gerber, who is married to model Cindy Crawford, and real estate developer Mike Meldman. They will continue to promote the brand.
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