"This is an exciting opportunity for Diageo to strengthen its participation in the fast growing tequila category, as well as expand the brand internationally", the company said. We'd go out to bars and restaurants, and bartenders would recommend them. Starting with a shot tonight.
The deal's initial consideration is set at $700m (£552m) with a further potential $300m (£237m) payable based on a performance-linked earn-out over ten years.
The deal is expected to close during the second half of 2017.
But in 2013, they took the company public and Gerber, the husband of supermodel Cindy Crawford, told CNBC, "It immediately took off". Meldman is founder and CEO of the Arizona-based Discovery Land Company.
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Casamigos, which means "house of friends" in Spanish, began as a private label for Clooney and his friends Gerber, a nightlife industry veteran, and Meldman, a real-estate mogul who who founded Discovery Land Company. They got so into the agave drank they chose to make their own. The company quickly became the fastest growing super-premium tequila brand in the United States and has now been purchased by Diageo, the company behind Smirnoff, Johnnie Walker and of course, Guinness.
The brand went on to win numerous awards and sold 120,000 cases previous year.
Diageo's other liquor brands include Johnnie Walker and Crown Royal whiskies, Smirnoff and Ketel One vodkas, Guinness stout and Captain Morgan rum. "Maybe two", Clooney said via email to CNBC.
"With the global strength of Diageo we expect to expand the reach of Casamigos to markets beyond the U.S.to capitalise on the significant worldwide potential of the brand", Mr Menezes said. Four years later, the company is selling for that whopping $1 billion.
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