LONDON (KBCWtv) – George Clooney could soon be a billionaire. On Wednesday, multinational alcoholic beverage company Diageo plc announced a $1 Billion deal to purchase Clooney’s Casamigos brand of tequila.

As part of the deal, Diageo plc will initially pay $700 million to Casamigos. Then, depending on performance milestones, pay $300 million over the course of 10 years. The deal is said to close by the end of 2017.

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LONDON, ENGLAND - OCTOBER 01:  Rande Gerber, Cindy Crawford and George Clooney attend the Casamingos Tequila & Cindy Crawford book launch party at The Beaumont Hotel on October 1, 2015 in London, England.  (Photo by Eamonn M. McCormack/Getty Images)

Rande Gerber, Cindy Crawford and George Clooney (credit: Eamonn M. McCormack/Getty Images)

Clooney, along with partners Rande Gerber and real estate developer Mike Meldma founded Casamigos in 2013. Gerber, who is married to supermodel Cindy Crawford, appears with Clooney in many ads for their tequila.

In a statement regarding the sale to Diageo plc, Clooney had this to say:

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“If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes. This reflects Diageo’s belief in our company and our belief in Diageo. We’ll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two.”

Other brands under Diageo plc include Captain Morgan, Guinness, Johnnie Walker and Smirnoff.

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