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Bacardi lines up shot of Patron, buying all of tequila maker

January 22, 2018

FILE - In this Friday, April 25, 2014, file photo, a Bacardi mango fusion rum is displayed at a rum festival in Miami. Bacardi Limited plans to swallow the rest of Patron Spirits in a deal that values the tequila maker at $5.1 billion. The acquisition is expected to close in the first half of 2018. (AP Photo/J Pat Carter, File)

NEW YORK (AP) — Bacardi Limited plans to swallow the rest of Patron Spirits in a deal that values the tequila maker at $5.1 billion.

Bacardi has held a minority stake in Patron since 2008. The two private companies on Monday didn’t disclose terms of the deal for the remainder of Patron. The acquisition is expected to close in the first half of this year.

Bacardi is known for its namesake rum, but it 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.

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