Academy Award-winning actor and Nespresso drinker George Clooney no longer owns a tequila business. He just sold his brand Casamigos to liquor distributor and producer Diageo for $1 billion, according to CNBC.
Diageo will pay $700 million upfront, and the rest over 10 years depending on the company’s performance. The deal is expected to be completed later this year. Clooney and co-owners Michael Meldman and Rande Gerber will not be leaving the company.
Diageo also owns or has a stake in brands like Smirnoff, Crown Royal, Ketel One Vodka, Guinness and more.