George Clooney just sold his tequila business for up to $1 billion.

George Clooney is selling his tequila company Casamigos to Diageo for as much as $1 billion, the company said Wednesday.

Diageo said it will initially pay $700 million, with the potential for another $300 million based on the tequila's performance over 10 years. The transaction is expected to close during the second half of 2017.

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