NEW YORK - Bacardi Limited plans to swallow the rest of Patron Spirits in a deal that values the tequila maker at $5.1 billion.
Bacardi has held a minority stake in Patron since 2008. The two private companies on Monday didn't disclose terms of the deal for the remainder of Patron. The acquisition is expected to close in the first half of this year.
Bacardi is known for its namesake rum, but it also owns several other liquor brands including Grey Goose vodka, Bombay Sapphire gin and Dewar's whiskey. Patron will add its tequila stable, which also includes Cazadores and Corzo, to Bacardi's portfolio.
In a press release announcing the deal, Bacardi said it's, "the number one spirits player in the super-premium segment in the U.S. and the second largest spirits company in market share by value in the critically important U.S. market."
Patron's current top executives will remain in place, and co-founder John Paul DeJoria will become chairman emeritus and focus on philanthropy.