George Clooney is reportedly selling his tequila company for $1 billion.
The Gravity star co-founded Casamigos with Cindy Crawford’s restaurateur husband Rande Gerber in 2012, and the company is now being acquired by bosses at Diageo.
According to CNBC, company executives will pay $700 million initially and a further $300 million over the next 10 years, contingent on the performance of the brand.
George and Rande will stay involved with the brand after the acquisition, which is set to take place later this year (17).
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney tells CNBC via email. “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.”
The brand was founded as a private company, but Clooney and Gerber took it public in 2013.
“It immediately took off,” Gerber said in November (16). “Right now, we’re the fastest growing ultra-premium tequila in the country.”
The lucrative deal adds to another happy event in Clooney’s life – the birth of his twins with wife Amal. The human rights attorney gave birth to Alexander and Ella earlier this month (Jun17).
“We are really happy and really excited. It’s going to be an adventure,” the proud dad told Laurent Weil on French program Rencontres de Cinema just before the twins’ arrivals. “We’ve sort of embraced it all… with arms wide open.”