George Clooney and Rande Gerber sell tequila company for $1 Billion

George Clooney and business partner Rande Gerber are making some unexpected waves in the tequila business.

The A-listers have sold their Casamigos tequila company for a staggering $1 Billion (USD) to the European beverage company Diageo. The pair, along with real estate mogul Mike Meldman, confirmed the news in a statement in PEOPLE.

"If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes," said George, 56. "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."

In a press release, Diageo revealed that the deal is expected to close in the second half of 2017.

"The transaction values Casamigos at up to $1 billion, with initial consideration set at $700 million and a further potential $300 million based on a performance linked earn-out over 10 years, reflecting the brand’s exceptional growth trajectory and upside potential."

It's the latest big news for George, who welcomed twins Alexander and Ella, his humanitarian lawyer wife Amal, 39, on June 6. Rande, 55, a businessman and former fashion model, is married to fashion icon Cindy Crawford, 51.