George Clooney is selling his tequila company in a deal that is worth a whopping $1 billion.
Clooney started the company, called Casamigos, with entertainment entrepreneur Rande Gerber and developer Mike Meldman in 2013. It began as a private collection of tequilas made for family and friends, but three years ago, the company went public.
Casamigos is being sold to London-based alcoholic beverage company Diageo.
Clooney, Gerber and Meldman plan to stay on with the company after the acquisition.
“To date, the founders have built a brand that has thrived under their organic approach in reaching and expanding their ‘house of friends,’ and they will continue to promote the brand and provide their leadership and vision,” Diageo said in a statement on the sale.
“We are delighted that the founders will have continued involvement and active participation in the future success of Casamigos.”