Diageo to buy Clooney’s tequila brand in $1B deal

NEW YORK — Global liquor behemoth Diageo said Wednesday it will pay up to $1 billion to buy a tequila brand co-founded by movie star George Clooney.

Clooney founded the Casamigos brand four years ago with partners Rande Gerber and Mike Meldma. Diageo said it will pay $700 million for Casamigos at first, and then pay another $300 million over 10 years if the brand reaches certain performance milestones.