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. Read more…