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George Clooney sells his tequila business for a massive $1 billion

Clooney... has made a mint by selling off his tequila company Casamigos - Credit: AP
Clooney… has made a mint by selling off his tequila company Casamigos – Credit: AP

Here’s a nice windfall for new dad George Clooney… he’s sold his tequila brand Casamigos for what’s likely to become a staggering $1 billion (£790 million).

The multinational beverage company Diageo has paid $700 million for the company, with another $300 million coming in performance related payments over the next 10 years.

The 56-year-old actor started Casamigos, translated as ‘house of friends’, with Rande Gerber, the businessman husband of model Cindy Crawford, in 2013.

“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes,” Clooney said in a statement to Entertainment Tonight.

“This 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.”

Gerber added that the business was started ‘by accident’.

(Credit: Yahoo File)
(Credit: Yahoo File)

“As you do in Mexico, we would drink a lot of tequila,” he told Business Insider earlier this year, the plan being to create a quality tequila that left behind less of a hangover.

“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?’”

Initially bottled and shared with friends and family, the enterprise ballooned, and last year sold 120,000 cases, with 170,000 likely to be sold by the end of this year.

Clooney could likely do with a few extra quid, having recently become father to twins Ella and Alexander with his wife, the human rights lawyer Amal Clooney.

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