Diageo, a global alcoholic beverages giant which owns household brands such as Guinness, Smirnoff and Johnnie Walker, has added Casamigos, a tequila brand co-owned by Ocean’s Eleven actor and Omega brand ambassador George Clooney, for a sum that could rise up to US$1 billion (RM4.3 billion).
Casamigos was founded by Clooney, along with developer Mike Meldman and entertainment entrepreneur Rande Gerber, who is married to supermodel Cindy Crawford, four years ago. According to Forbes, the three co-founders put in US$600,000 each as initial investment, and each stands to get up to US$233 million if the full US$1 billion sale price is realised. However, Diageo will only be paying US$700 million upfront, while the remaining US$300 million is subject to sales performance over the next 10 years.
Based on the information obtained from the US Securities and Exchange Commission, Casamigos sold 120,000 cases last year and is on track to sell 170,000 cases by this year-end.