George Clooney has agreed to sell his tequila brand Casamigos for close to $1 billion.
George Clooney
The Hollywood star and businessman Rande Gerber - who is married to model Cindy Crawford - have decided to sell their stake in the firm to the alcoholic beverage company Diageo, which has agreed to pay $700 million to assume control of the brand, with the potential for another $300 million based on its performance over the next decade.
In a statement, George - who founded the firm alongside his partners Rande and Michael Meldman in 2013 - 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."
Rande also stated his determination to remain close to the brand, which he hopes will continue to grow in the coming years.
He explained: "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.
"Casamigos has always been brought to you by those who drink it and we look forward to continuing that, working alongside the expertise and global reach of Diageo. Now even more people will be able to enjoy and experience our love and passion for Casamigos."
The eye-watering agreement between George and Diageo comes shortly after the actor became a dad for the first time.
George's wife Amal gave births to twins Ella and Alexander on June 6, and George has reportedly taken to parenthood with ease.
A source recently said: "He's an amazing dad - it's like he was born to be one. George and Amal are even closer now that they have the twins, and he's filled with wonder at what an awesome mother she is, so loving, patient and kind."
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