UNITED NEWS INTERNATIONAL (UNI) — When Bacardi raises a glass to toast its latest acquisition, it’ll be full of tequila — not rum.
Bacardi Limited, a company famous for rum, has agreed to acquire Patrón as part of a deal that values the tequila maker at $5.1 billion.
According to a Jan. 22 news release, Bacardi plans to use its international distribution network to grow the Patrón brand around the world.
Industry numbers already indicate the super-premium tequila market grew over 700 percent between 2002 and 2016.
Bermuda-based Bacardi has held a minority stake in Patrón for a decade, but it’ll soon have full control of one of the biggest brands in that red hot, agave-fueled tequila market.
The deal’s expected to close in the first half of this year. Once it does, Bacardi — which also owns brands like Grey Goose vodka and Bombay Sapphire gin — will become the second-biggest spirits company in the United States.