George Clooney Just Sold His Tequila Label For $1 Billion!

The list of celebrities who own their own line of alcohol is quite a long one and a name that belongs on that list, which most of us may not know of is George Clooney’s who founded a tequila brand. The award-winning actor along with his friends Rande Gerber and Mike Meldman kicked off the alcohol label, christened Casamigos, in 2013.

However, as of Wednesday, Clooney is no longer the owner of the tequila brand and is instead richer by a billion dollars. Casamigos Tequila announced that it had sold itself to liquor magnate Diageo. The deal values the company at up to $1 billion: $700 million in cash upfront and up to $300 million more if it hits sales targets over the next decade, reports NY Times.

“If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes,” Mr. Clooney said in a statement. “This reflects Diageo’s belief in our company and our belief in Diageo.”

While the deal has added another feather to the Diageo portfolio, it has also made Mr. Clooney one of Hollywood’s most successful celeb investors. His start up was valued at $1 billion, for crying out loud!

Image: Taste Tequila 

“What started from a friendship and an idea to create the best tasting, smoothest tequila as our own house tequila to drink and share with friends has quickly turned into the fastest growing super-premium tequila,” Mr. Gerber said in a statement.

Feature Image: Business Insider