Source: Forbes.com

Global spirits giant Bacardi Limited will acquire Patrón Spirits International AG, maker of the popular Patrón tequila, at an enterprise value of $5.1 billion. The transaction is expected to close in the first half of 2018. It will enable Bacardi to add an additional brand-name liquor to a roster that already includes Grey Goose vodka, Dewar’s Scotch whiskey and a fleet of eponymous rums.

As part of the acquisition, Patrón cofounder John Paul DeJoria—who is currently worth an estimated $3.4 billion, according to Forbes—will sell his 70% stake in the company.

The transaction is expected to close in the first half of 2018. It will enable Bacardi to add an additional brand-name liquor to a roster that already includes Grey Goose vodka, Dewar’s Scotch whiskey and a fleet of eponymous rums.

As part of the acquisition, Patrón cofounder John Paul DeJoria—who is currently worth an estimated $3.4 billion, according to Forbes—will sell his 70% stake in the company.