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Remember George Clooney's tequila company? He just sold it for $1 billion

One of Hollywood's wealthiest men just got hundreds of millions of dollars richer. 

George Clooney has decided to sell his tequila company Casamigos to Diageo for as much as $1 billion, the company said Wednesday.

SEE ALSO: George Clooney sells tequila with the help of drunken young hipsters

The transaction, which is expected to close in the second half of 2017, will see Diageo initially pay $700 million for Casamigos, possibly paying as much as $300 million more based on the brand's performance over the next ten years. 

Remember Casamigos? The tequila company marketed to hipsters in a grainy, Instagram-able ad campaign in 2015? Clooney said in an email to CNBC that if you had asked him if he thought he'd have a billion-dollar company when Casamigos (which roughly translates to "house of friends") launched four years ago, he would not have said yes.  Read more...

More about Money, Celebrity, George Clooney, Tequila, and Tequila Company

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