Deleon Tequila Acquired By Diageo

Diageo has acuqired the DeLeon Tequila brand as part of a joint-venture agreement with rap artist and producer Sean "Diddy" Combs. Diageo said it has agreed a 50/50 global partnership with the "Wine & Spirits" unit of Combs' business for the high-end brand. DeLeon is a 100% blue weber agave Tequila, which has a "loyal following in Hollywood and the US music industry," said Diageo. "DeLeon's current volumes are less than 10,000 cases a year." Larry Schwartz, Diageo's N America President, said the acquisition is: "The latest step towards returning to a leading position in Tequila in North America."