Sullivan & Cromwell has advised as UK-headquartered alcoholic beverages company Diageo as it buys up tequila company Casamigos for $1bn.
The Malibu-headquartered Casamigos was founded by actor George Clooney alongside business partners Rande Gerber and Mike Meldman in 2013. The trio will receive $700m with a further potential $300m based on the performance of the company over the next 10 years.
Sullivan & Cromwell advised Diageo on the deal with a team including London-based competition partner Juan Rodriguez (pictured) and New York based partners Melissa Sawyer, Ronald Creamer, Matthew Friestedt and Steven Holley.
In 2011, Diageo turned to Sullivan & Cromwell as it paid $16.4m to settle following a probe by US regulator the Securities and Exchange Commission (SEC). The regulator was investigating claims that the company had paid $2.7m in bribes in exchange for sales and tax benefits.
Casamigos is advised by US law firm Wilson Elser Moskowitz Adelman Dicker.