NEW YORK — Global liquor behemoth Diageo said Wednesday it will pay up to $1 billion to buy a tequila brand co-founded by movie star George Clooney.
Clooney founded the Casamigos brand four years ago with partners Rande Gerber and Mike Meldma.
Diageo said it will pay $700 million for Casamigos at first, and another $300 million over 10 years if the brand reaches certain performance milestones.
London-based Diageo’s other brands include Johnnie Walker, Guinness and Captain Morgan.
Clooney and Gerber, an entrepreneur who is married to model Cindy Crawford, have appeared in ads for the brand.
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