George Clooney's tequila company sold for up to $1 billion

LOS ANGELES: Casamigos, the tequila brand that Hollywood star George Clooney founded with his friends Rande Gerber and Mike Meldman in 2013, has been sold to the spirits giant Diageo.

The deal values the company at up to USD 1 billion: USD 700 million in cash upfront and up to USD 300 million more if it hits sales targets over the next decade, reported Los Angeles Times.

"If you asked us four years ago if we had a billion- dollar company, I don't think we would have said 'yes'. This reflects Diageo's belief in our company and our belief in Diageo.

"But we're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two," Clooney, 56, said in a statement.

Diageo's other liquor brands include Johnnie Walker and Crown Royal whiskies, Smirnoff and Ketel One vodkas, Guinness stout and Captain Morgan rum.