Casamigos tequila, the tequila brand owned by celeb-bffs George Clooney, Rande Gerber and real estate tycoon Mike Meldman has just sold for what could turn out to be a $1 billion sum.
British-based spirits company Diageo will initially pay $700 million for the company, CNBC reports, with the potential for another $300 million based on the tequila’s performance over 10 years.
Casamigos, which translates to “house of friends,” started as a private collection of tequilas to be enjoyed by Clooney and Gerber’s friends and family. But in 2013, they went public when they had to get licensed.
“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney told 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.”