Bacardi is reportedly buying Patrón for $5 billion
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- Liquor conglomerate Bacardi has agreed to buy tequila maker Patrón for $5.1 billion, according to a report by The Wall Street Journal.
- Bacardi previously owned 25% of Patrón International, which makes about $1.6 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 $1 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.