NEW YORK (AP) — 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 join its tequila stable that also includes Cazadores and Corzo.
Patron’s current top executives will remain in place, and Greek-American co-founder John Paul DeJoria will become chairman emeritus and focus on philanthropy.
It’s a long way from being homeless – twice – to amassing a fortune of $3.1 billion and 248th on the Forbes 400 list of the richest Americans, but John Paul DeJoria – son of a Italian immigrant father and Greek immigrant mother, has made it big.
DeJoria, 73, who grew up in Los Angelese, is co-founder of the hair company John Paul Mitchell Systems and the Patron Spirits company producing tequila and known for his philanthropy and business ethics, including taking a stand against animal testing.