Diageo completes $1bn purchase of Clooney’s Tequila

Drinks giant Diageo has completed its US$1 billion acquisition of Tequila brand Casamigos, which was founded just four years ago by Hollywood heartthrob George Clooney and Rande Gerber.

The deal, announced in June, saw Diageo agree to pay $700 million up front for Casamigos and a further potential $300 million based on its performance over the next 10 years. Diageo forecasts that Casamigos will start earning money for the company after four years.

“We are excited to work alongside the founders Rande Gerber, George Clooney, and Mike Meldman as we continue to grow the brand,” said Deirdre Mahlan, president of Diageo North….