George Clooney sells tequila company for up to $1 billion

Casamigos was co-founded by the actor, Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman

The tequila company co-founded by George Clooney has been sold for $1 billion (£790 million).

Casamigos was founded by the actor along with Cindy Crawford’s husband Rande Gerber and property developer Mike Meldman, and is considered to be the fastest-growing super-premium tequila brand in the US – selling 120,000 9-litre cases last year in the US alone, with numbers of 170,000 expected this year.

The company has now been bought by Diageo – who produce the likes of Smirnoff, Baileys and Johnnie Walker – for an initial $700 million fee, with upwards of a further $300 million based on the performance of the brand in the next few years.

Clooney, Gerber and Meldman will continue to be involved with Casamigos, which is Spanish for “house of friends.” Speaking in a statement, Clooney said that he and his fellow business partners were surprised at how successful their venture had become.

“If you asked us four years ago if we had a $1bn company, I don’t think we would have said yes,” Clooney said. “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. Starting with a shot tonight. Maybe two.”

Back in March, Clooney paid a surprise visit to a pensioner in Reading to celebrate her 87th birthday.