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George Clooney sells tequila business for $1 billion

Cheers to George Clooney.

The "Money Monster" star and pals Rande Gerber and Michael Meldman are in for quite the payday, as Diageo has agreed to purchase their Casamigos tequila brand for $1 billion.

Diageo -- a global beverage company that owns popular brands like Johnnie Walker, Smirnoff, Cîroc and Ketel One -- will acquire Casamigos for an initial payment of $700 million, plus an additional $300 million based on the brand's performance over the next 10 years, the company announced Wednesday.

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Clooney, Gerber and Meldman created the tequila brand in 2013. All three are expected to remain involved with the brand after the purchase.

"We are extremely excited to team up with one of the largest, most respected spirits companies in the world," Gerber said in a statement. "Casamigos has always been brought to you by those who drink it, and we look forward to continuing that, working alongside the expertise and global reach of Diageo."

"If you asked us four years ago if we had a billion dollar company, I don't think we would have said yes," Clooney said in an email to CNBC. "This reflects Diageo's belief in our company and our belief in Diageo. But we're not going anywhere. We'll still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."