Bacardi Limited, the largest privately held global premium spirits company, announced it has a definitive agreement to acquire Patrón Spirits International AG and the world’s premier top-selling Patrón brand.

The companies have had a relationship for nearly ten years and the transaction comes in at $5.1 billion in US dollars.

Entrepreneurs John Paul DeJoria and Martin Crowley, founded the Patrón brand with the goal to create a “simply perfect tequila” and that philosophy informs the business today. Patrón tequila is produced from the highest-quality 100% Weber Blue Agave and distilled through time-honored processes with extreme precision and care. Patrón tequila is delivered in iconic bottles that symbolize one of the world’s most meticulously crafted brands in the world.

“We started this business more than a quarter century ago with a singular mission. To create an ultra-premium, luxury tequila,” said John Paul DeJoria, co-founder of. “Today, with that continued commitment to quality and several other extraordinary brands in our portfolio, we produce more than three million cases of distilled spirits annually that are enjoyed around the world.”

DeJoria will serve as an ambassador for Patrón in the role of Chairman Emeritus and intends to work with Bacardi in further advancing their combined dedication to philanthropic projects and environmental consciousness. Patrón’s efforts have included support for food banks, education, and disaster relief, as well as development of an eco-friendly reverse osmosis irrigation system, a process of recycling agave fibers from the tequila production process for use as fertilizer compost, and reforestation of trees in the community surrounding its tequila manufacturing operations in Atotonilco el Alto, Jalisco, Mexico.

According to Bacardi, the deal will make Bacardi the No.2 spirits company by market share in the United States.

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