Diageo (DEO -0.2%) acquires super-premium tequila brand Casamigos in a transaction potentially valued at $1B.
The company will make an initial consideration payout of $700M and is on tap for potential earnouts of $300M over ten years based on performance.
Founders Rande Gerber, George Clooney (the actor) and Mike Meldman will have continued involvement in the business.
The deal is expected to close in the second half of 2017.
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