George Clooney has proven he isn’t just a pretty face, with news of the sale of his hobby tequila company to liquor giant Diageo. Specifically, George’s four-year-old Casamigos Tequila brand has just been bought by Diageo for an impressive $1.3 billion. That’s $US700 to be paid upfront, with another $US300 million to be delivered over the next ten years if the brand hits certain performance expectations.

Casamigos (translating to ‘house of friends’) was the side-project of George, nightlife entrepreneur (and husband to Cindy Crawford) Rande Gerber, and real estate developer Mike Meldma. Casamigos was originally just a hobby for the friends who bought neighbouring properties in Mexico and fell in love with the spirit – so much so that they wanted to make their own. “Our idea was to make the best-tasting, smoothest tequila whose taste didn’t have to be covered up with salt or lime,” Casamigos explains of its origins.

But it seems that George was onto a good thing, and in the midst of a tequila boom (with global sales rising 5.2 percent per annum) Diageo recognised the company’s potential and swooped in. “If you asked us four years ago if we had a billion-dollar company, I don’t think we would have said yes,” George commented in a statement. “This reflects Diageo’s belief in our company and our belief in Diageo,” he continues, citing that the trio intend to still be involved in Casamigos’ business direction, as well as any advertising in the future.