$1.4b for Clooney's tequila label

George Clooney should be in high spirits. London-based distiller Diageo has agreed to acquire his fast-growing tequila brand Casamigos for as much as US$1 billion (S$1.4 billion).

Casamigos was founded four years ago by the American actor, developer Mike Meldman and entertainment entrepreneur Rande Gerber, who is married to model Cindy Crawford.

The tequila is made by an undisclosed partner in Mexico.