Diageo completes acquisition of Clooney tequila brand

Diageo has completed its acquisition of a super-premium tequila brand that was co-founded by Hollywood actor, George Clooney.

The Guinness brewer has spent around £789m to secure Casamigos, which was founded in 2013 by Clooney and two associates, Rande Gerber and Mike Meldman.

All three are expected to continue their involvement with the spirit under Diageo’s ownership.

When the deal was first announced, Diageo said that the initial consideration was set at £552m with a further £237m payable depending on performance over a 10-year-period.

Deirdre Mahlan, president of Diageo North America said recently that the company was delighted to be working alongside the founders to grow the tequila brand.

And at the time that the deal was initially made public, Rande Gerber remarked on the speed with which Casamigos reputation had developed and added:

“Casamigos has always been brought to you by those who drink it and we look forward to continuing that, working alongside the expertise and global reach of Diageo.”