Bacardi is reportedly buying Patrón in a deal valued at $5 billion

source
Business Insider/Aly Weisman

  • Liquor conglomerate Bacardi has agreed to buy Patrón in a deal valuing the tequila maker at $5.1 billion, according to a report by The Wall Street Journal.
  • Bacardi previously owned 30% of Patrón Spirits International, according to WSJ.
  • Patrón 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.