George Clooney selling tequila business for $1B

George Clooney is selling his tequila company Casamigos for as much as $1 billion.

Diageo plans to initially pay $700 million for Casamigos and then another $300 million based on the product's performance over the next decade.

Clooney and co-owners Rande Gerber and Michael Meldman are expected to continue holding roles with the company after the acquisition finalizes.

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