In case you own some Patron stock, here’s an excuse to take about two to twenty shots of it right now.
Two of the biggest spirit distillers in the world have just made a major power play this past Monday (Jan. 22). Patron Spirits has been purchased by Bacardi Spirits in a deal that dramatically increases Patron’s value at an astonishing $5.1 Billion.
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While the terms of the deal are quite scarce right now, the full deal will be finalized before the first half of 2018 wraps up. The blockbuster purchase has also given the long-standing liquor brand ownership of not only Patron’s tequila, but Grey Goose vodka, Dewar’s scotch, and Bombay’s Sapphire Gin.
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“Adding Patron to the Bacardi portfolio creates a tremendous opportunity for the brand outside of the United States as Bacardi’s international distribution network will help grow Patron around the world, increasing scale in the U.S. and globally,” said Bacardi’s incoming CEO Mahesh Madhavan.
Madhavan added that he will be working to boost Bacardi worldwide brand by”overseas consumers to trade up from local spirits.” This is the biggest move that Bacardi has made with Patron Spirits after owning a 30% share in the tequila brand back in 2008.