Diageo will buy tequila company Casamigos for $1 billion, adding the brand to a portfolio that includes Don Julia tequila, Guinness beer, and Tanqueray gin.
Casamigos was started in 2013 by George Clooney and Rande Gerber, who own neighboring vacation homes in Cabo San Lucas, Mexico. The pair collaborated with a distiller to create their own smooth tequila, though they originally had no plans to sell it commercially.
According to Gerber, Casamigos has become the fastest-growing super-premium tequila. The company is expected to produce over 170,000 cases by the end of 2017, reports NPR. Full Story
Related: Spirits Outpace Growth of Other Alcohol; High-End Spirits More Popular Than Beer, Wine, at Restaurants.