Diageo has agreed to buy George Clooney's high-end tequila brand Casamigos in a deal valuing it at up to $1 billion, as the world's largest spirits maker seeks to boost its presence in a high-growth market. Kate King reports.
For decades George Clooney's been used to selling products, but now he's selling his own. Diageo Plc has agreed to buy the actor's high-end tequila brand Casamigos. The deal valued at up to 1 billion dollars. Diageo is the world's largest spirits maker, and is seeking to boost its presence in what's considered a high-growth market. It will hand over 700 million dollars initially, with a further 300 million up for grabs, depending on performance over the next ten years. To help with that, Clooney and his Casamigos co-founders will continue to promote the brand. If sales right now are anything to go by, there should be no trouble. A new spate of high-end tequilas has helped the drink transcend its traditional image as a party beverage for young drinkers - with sales rising to 5.2 percent globally last year. Way outperforming the rest of the industry which only edged up 0.3 percent.