George Clooney just made $1billion selling Tequila

Okay, I like the sound of that. No not George Clooney, I know he is a brilliant actor and just recently fathered a set of twins and that is good, but I like the sound of the $1billion better! And that is what Clooney and his partners will be divvying up after paper works are completed between them and Diageo who has made a move to acquired their Casamigos Tequila brand.

As the story goes, Diageo Plc agreed to acquire fast-growing tequila brand Casamigos, co-founded four years ago by Clooney, for as much as $1 billion. The deal expands the London-based distiller’s lineup in a fast-growing category, where it already owns the Don Julio, DeLeon and Peligroso brands.
The purchase will be Diageo’s biggest since its $3.2 billion acquisition of United Spirits Ltd. in 2014. After that deal boosted its presence in India, the owner of the Smirnoff brand is moving to strengthen its U.S. business, which has returned to growth after a difficult stretch following a slowdown in vodka sales. Meanwhile, tequila volume in the U.S. more than doubled from 2002 through 2015, according to the Distilled Spirits Council.

Although they will not be collecting the $1billion outright, an initial consideration of $700 million will be followed by a further potential $300 million based on a performance-linked earn-out over 10 years.

Good one George!