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George Clooney Sells His Tequila Company for $1 Billion

Diageo is acquiring Casamigos in newly announced deal.

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You might not ever see George Clooney on the silver screen again, because the actor never has to work another day in his life.

Fortune is reporting that liquor giant Diageo is acquiring Casamigos, a fast-growing tequila brand that the Academy Award-winner launched in 2013 with partners Rande Gerber (better known as the husband of Cindy Crawford), and Mike Meldman. Diageo, which produces Smirnoff and Don Julio, announced Wednesday that it will initially pay $700 million for the deal, with $300 extra in compensation based on the brand’s 10-year performance.

“Together, we are excited about taking Casamigos to a bigger audience globally,” Deirdre Mahlan, president of Diageo North America, reportedly told Wall Street during in a post-deal presentation.

This is the second major tequila acquisition Diageo has made in the last few years, Fortune notes. In 2014, the company swapped Bushmills Irish whiskey for full control of Don Julio.

Read full story at Fortune