NEW YORK—Bacardi Ltd. plans to swallow the rest of Patron Spirits in a deal that values the tequila maker at US$5.1 billion.
Bacardi has held a minority stake in Patron since 2008. The two private companies didn’t disclose the specific terms of the deal for the remainder of Patron Jan. 22, but said the acquisition is expected to close in the first half of this year.
Bacardi is best known for its namesake rum.
The spirits maker 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 co-founder John Paul DeJoria will become chairman emeritus and focus on philanthropy.