Remember George Clooney's tequila company? He just sold it for $1 billion
One of Hollywood's wealthiest men just got hundreds of millions of dollars richer.
George Clooney has decided to sell his tequila company Casamigos to Diageo for as much as $1 billion, the company said Wednesday.
The transaction, which is expected to close in the second half of 2017, will see Diageo initially pay $700 million for Casamigos, possibly paying as much as $300 million more based on the brand's performance over the next ten years.
Remember Casamigos? The tequila company marketed to hipsters in a grainy, Instagram-able ad campaign in 2015? Clooney said in an email to CNBC that if you had asked him if he thought he'd have a billion-dollar company when Casamigos (which roughly translates to "house of friends") launched four years ago, he would not have said yes.
Can't say we would have said yes either. However, if you're a fan of Clooney's influence on the brand, don't fret -- both he and his two co-owners will be staying on after the company's acquisition.
"We're not going anywhere," Clooney said. "We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Honestly, we need one too.
Topics Celebrities
Maggie was a Real Time News Intern in Mashable's Los Angeles office. She is originally from the suburbs of Chicago, and she is currently studying journalism at the University of Illinois at Urbana-Champaign. She previously freelanced for the Chicago Tribune, and enjoys petting dogs and drawing pictures in her spare time.
