George Clooney is Selling His Business

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George Clooney got rich off his movies.

Clooney said in a statement to reporters, "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".

Casamigos started with two friends sitting together at a bar enjoying tequila, but the two were never completely satisfied with the quality.

In Cabo San Lucas, on Mexico's southern tip, old friends Gerber and Clooney were in the process of building vacation houses next door to one another, drinking liberal amounts of tequila along the way.

The spirits giant will pay $700 million for Casamigos upfront, with the option for an additional $300 million based on the brand's performance over the next 10 years.

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"We are extremely excited to team up with one of the largest, most respected spirits companies in the world", said Gerber, commenting on the acquisition.

Diageo was lauding the deal on Twitter.

"Since inception Casamigos has received numerous awards and accolades from tequila experts, taste makers and influencers across the US".

Casamigos, which means "house of friends", was founded in 2013 by Clooney and his friends - nightlife entrepreneur Rande Gerber, who is married to model Cindy Crawford, and real estate developer Mike Meldman.

George Clooney's tequila company just earned him a really big payday. Once the company had been established, it was quick to take off and now forms a key part of Diageo's premium drinks portfolio.

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