George Clooney Sells Tequila Brand for $1 Billion

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George Clooney Sells Tequila Brand for $1 Billion

Photo Credit: Photo via Casamigos

Looks like Diageo will have a new tequila to add to its repertoire. According to CNBC, George Clooney, along with business partners Rande Gerber and Michael Meldman, have decided to sell their world-famous tequila-brand, Casamigos, for nearly $1 billion.

Clooney aficionados can remain calm; the actor claims the trio will still be extremely involved in the future of their agave-based product. Clooney tells CNBC that the sale “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.”

Casamigos, literally meaning “house of friends,” was actually a sort of happy accident, starting back in 2013. Clooney and Gerber both own vacation home in Mexico, consequently, right next door to one another. After constant breakfasts on the beach, lunches at one another’s places, and dinners rounded out with tequila, the two homes began to feel like one.

When asked the reason behind the tequila’s creation, Gerber told Business Insider, “As you do in Mexico, we would drink a lot of tequila. We’d go out to bars and restaurants and bartenders would recommend them. Some were good, some not so good, and some expensive. There came a point where George turned to me and said, ‘Why don’t we create one that’s perfect for us?’ We wanted one that didn’t burn going down, that was super smooth, and had the right flavor profile. One that we didn’t have to mix — typically we drink it straight or on the rocks – that we could drink all day long and not be hungover in the morning.”

Diageo will reportedly pay $700 million for the brand up front, with the possibility of adding another $300 million “based on the tequila’s performance over 10 years.”

Considering that Casamigos was one of the fastest-growing tequila brands over the last decade, we foresee some serious green in Clooney’s near-future.


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