EXCLUSIVE: In a whopping deal, George Clooney, Rande Gerber and Mike Meldman are selling their premium tequila brand Casamigos to British beverage company Diageo. The price is $1 billion, sources are telling me. That is an incredible windfall for a product that the trio formed about four years ago. That is $700M upfront, with the potential for another $300M for a tequila that Clooney and Gerber reportedly developed by trial and error in search of one that was hangover-free..

Said Clooney in confirming the deal:  “If you asked us four years ago if we had a billion dollar company, I don’t think we would have said yes. 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.”

I have been listening this morning to Howard Stern interview Ashton Kutcher, who has made a fortune as a seed investor of companies including Uber and Airbnb, and while his results are impressive, this liquor windfall has got to be one of the biggest I’ve heard for an entrepreneurial Hollywood player.