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

New York

GEORGE Clooney is an award-winning actor, a new father and a world-class prankster. Now he can add "startup founder who hit the jackpot" to his résumé.

Casamigos, the tequila brand that Mr Clooney founded with his friends Rande Gerber and Mike Meldman in 2013, said on Wednesday that it had sold itself to the spirits giant Diageo. The deal values the company at up to US$1 billion - US$700 million in cash upfront and up to US$300 million more if it hits certain sales targets during the next decade.