George Clooney, partners sell tequila company for $1 billion

Posted on: June 22nd, 2017 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — George Clooney won’t have to worry about a college fund for his newborn twins.

The Oscar winner just sold his tequila business with partners Rande Gerber and Michael Meldman to British company Diageo for $1 billion, ABC News has confirmed.

“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. “This reflects Diageo’s belief in our company and our belief in Diageo.”

CNBC first reported on the deal, in which Diageo will pay an initial $700 million, with the potential for another $300 million over 10 years based on the tequila’s performance.

Clooney made it clear that although he and his partners sold the company, they will still be involved.

“We’re not going anywhere,” he said in his statement. “We’ll still be very much a part of Casamigos.”

The three friends started the company, which translates to “house of friends,” as a private collection of tequilas meant just for their friends and family. But in 2013, they took the company public and Gerber, the husband of supermodel Cindy Crawford, told CNBC, “It immediately took off.”

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