- Liquor conglomerate Bacardi has agreed to buy Patrón in a deal valuing the tequila maker at $US5.1 billion ($AU6.35 billion), according to a report by The Wall Street Journal.
- Bacardi previously owned 30% of Patrón Spirits International, according to WSJ.
- Patrón makes about $US1.6 billion ($AU1.99 billion) in revenue from its namesake tequila as well as a handful of other hard spirits, according to Euromonitor.
- The deal comes a little more than six months after premium-tequila competitor Casamigos, which was cofounded by George Clooney, was sold for as much as $US1 billion ($AU1.25 billion) to Diageo.
- Bacardi, which also owns Grey Goose vodka and Dewar’s scotch, would become the 2nd-largest liquor company in the world if the deal goes through, up from fifth, according to the WSJ.
- Read the full story at The Wall Street Journal.
Business Insider Emails & Alerts
Site highlights each day to your inbox.