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George Clooney’s tequila company has sold for up to $1B

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A tequila company actor George Clooney helped found is selling in a deal for as much as $1 billion, according to USA Today.

USA Today on Wednesday reported that Diageo, a British alcoholic beverages maker, agreed to purchase Clooney’s Casamigos in an acquisition.

Diageo said in a statement that the valuation includes $700 million of “initial consideration” for Casamigos, which was created in 2013.

The company added that “a further potential $300 million” is possible based on earnings performance over the next decade.

Twitter users on Wednesday toasted Diageo’s purchase of Casamigos, which Clooney founded alongside businessman Rande Gerber and developer Mike Meldman.

Diageo’s official Twitter also announced the deal by posting a photo of Clooney enjoying some of Casamigos’ tequila.

Diageo said that Casamigos is on track to sell 170,000 cases worldwide this year after selling 120,000 in 2016, mainly in the U.S. Each case sports 12 bottles of tequila.

Tequila sales in the U.S. rose 7.4 percent last year, hitting an all-time record of 16.3 million cases, according to data from industry research firm IWSR.

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