George Clooney and his Tequila partner, Cindy Crawford’s husband, Rande Gerber, sold their Casamigos brand for a BILLION dollars.
British alcohol beverage company, Diageo, bought the brand, with George and Rande staying on with the company.
The two friends created the brand with a third partner just four years ago. Rande says he's shocked at how much money they made, and George said, "If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes. This reflects Diageo's belief in our company and our belief in Diageo. But we're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."
Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years.
The transaction is expected to close during the second half of the year.
Casamigos, which translates to "house of friends," started as a private collection of tequilas meant just for Gerber and Clooney's friends and family.
However, in 2013, the team took the label public in order to get licensed to continue making the tequila.
Rande said that the brand "immediately took off" at that point, and they soon became the fastest growing ultra-premium tequila in the country."