Multinational distiller and distributer Diageo has acquired tequila brand Casamigos for $1.32 billion.

The premium brand, co-founded four years ago by Hollywood’s golden boy George Clooney, will be added to Diageo’s ever-growing tequila portfolio, which already includes the likes of Don Julio, DeLeon and Peligroso.

Diageo hope the acquisition will strengthen the distributor’s American sales as, according to the Distilled Spirits Council, the purchasing of tequila has more than doubled on the US market from 2002 to 2015. 

Deidre Mahlan, Diageo’s North American President, says Casamigos is predicted to sell 170,000 12-bottle cases this year. The spirit is sold for $US34 to $US55 retail price and is currently growing at a rate of 40 per cent to 50 per cent annually. 

“[The acquisition of Casamigos] supports our strategy to focus on the high growth super-premium-and-above segments of the category,” said Ivan Menezes, chief executive of Diageo.

“With the global strength of Diageo we expect to expand the reach of Casamigos to markets beyond the US to capitalise on the significant international potential of the brand.”

The sale signifies Diageo’s biggest acquisition since their purchase of United Spirits in 2014 for $US3.2 billion.

Source: Australian Financial Review