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Diageo to buy Clooney's tequila brand in $1 billion deal

Clooney, star of such films as Batman and Robin, which is "celebrating" it's 20th anniversary this year, has his own tequila business.

Well, the famed Tequila brand is no longer under Clooney and Gerber's tutelage.

Diageo is the parent company of several major alcoholic beverages including Smirnoff, Captain Morgan and Guinness.

"As you do when you're in Mexico, you drink a lot of tequila", Gerber told CNBC a year ago, explaining how he and Clooney came up with the idea of designing a tequila to their own tastes. Today (June 21) their company was purchased by Diageo, the multinational alcoholic beverages company headquartered in the United Kingdom, for as much as $1 billion, according to a statement by Diageo.

They have said that Casamigos - meaning house of friends - was born from tequila-filled nights, and was at first just for private events. Starting with a shot tonight. But we're not going anywhere. (DGE.L, DEO) agreed to acquire Casamigos, the super-premium tequila brand in the US.

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

Diageo said it will pay $700 million to Clooney and partners initially, and that they expect the transaction to close in the second half of 2017, CNBC reported. "This, combined with the strengths of Diageo, will ensure the continued momentum of the brand in the well as realizing the growth opportunity from global expansion", the company said in a release.

"It immediately took off", Gerber said in November (16).

Diageo chief executive Ivan Menezes said in a statement that the purchase supports the company's "strategy to focus on the high growth super-premium and above segments of the category".

Sales of super-premium tequila brands grew almost 600 per cent in the U.S. between 2003 and 2015, according to the Distilled Spirits Council of the United States, far outpacing other spirits.

"We never could have imagined it", Gerber added to TMZ.



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