Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
AP Photo/Pete Muller
London-based spirits maker Diageo has agreed to acquire U.S. tequila maker Casamigos for upwards of $1 billion, including a $700 million upfront payment and upwards of $300 million in milestone payments.
Why it matters: This is a reflection of rising global demand for tequila and, in particular, high-end brands. In fact, sales for the "super-premium" category represented by Casamigos have climbed more than 700% since 2002. Plus: Casamigos was co-founded by George Clooney, and we all were hoping that guy could finally get a win.
Bottom line: "Diageo already owns the Don Julio brand. But the company's executives argued that they could take Casamigos to even greater heights by selling it beyond American shores." — Michael de la Merced