How Much Did George Clooney Sell Casamigos for

George Clooney's tequila brand, Casamigos, was sold to a major spirits company in 2017. The sale price was a staggering $1 billion.

Casamigos was founded by Clooney and his friend Rande Gerber in 2013, and it quickly gained popularity among tequila enthusiasts. The brand's success was largely due to its smooth and approachable flavor profile.

In 2017, Diageo, a British spirits company, acquired a 50% stake in Casamigos for $700 million. Clooney and Gerber retained a 50% stake in the brand and continued to work with Diageo to expand its distribution and marketing efforts.

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George Clooney and his partners sold their tequila brand Casamigos to London-based distiller Diageo for up to $1 billion. The deal was announced in 2017.

Diageo paid $700 million upfront, with the potential for another $300 million payout over the next 10 years based on the tequila brand's performance. This means Clooney could receive a total of $1 billion if the tequila brand meets its sales targets.

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Casamigos was founded by Clooney, Rande Gerber, and Michael Meldman in 2013. The trio started the brand as a private collection of tequilas meant for their friends and family.

In 2016, Casamigos was producing 120,000 cases of tequila. By the end of 2017, the brand was on track to make 170,000 cases.

The deal with Diageo is expected to close during the second half of 2017. Clooney and his partners will remain involved with the company after the acquisition.

Here's a breakdown of the deal:

Clooney was thrilled with the deal, saying, "If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes."

George Clooney sold Casamigos to Diageo in 2017 for a whopping $700 million, with the potential for another $300 million based on the tequila's performance over 10 years.

Diageo paid $700 million upfront, with the remaining $300 million tied to the brand's sales performance. The deal was expected to close during the second half of 2017.

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The transaction didn't add to Diageo's earnings until its fourth year, with the brand having no impact on earnings in the first three years.

Here's a breakdown of the sale details:

Clooney and his co-owners, Rande Gerber and Michael Meldman, were expected to stay with the company after its acquisition.