George Clooney and his partners, Rande Gerber and Michael Meldman, have sold their Casamigos tequila company for a billion bucks to Diageo.
In a statement, George said, “If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes. This reflects Diageo's belief in our company and our belief in Diageo.”
Diageo is going to initially pay George and his partners $700-million with the potential for another $300 million that’ll be based on the tequila’s performance over the next ten years. The deal should be done later this year.