Ryan Reynolds sells his gin brand; the price is around $610 m

Diageo, an alcoholic drink group declared that the company has bought Davos Brands for up to $610 million.

That huge amount includes a direct payment of $335 million, with the rest to be dependent upon how the brand works for the next 10 years.

In the portfolio which has been exchanged in the deal, brands such as Astral Tequila, Sombra Mezcal, and TYKU Sake are also included.

However, it will be most known to general users for Aviation American Gin. The label has achieved huge recognition in 2018, after Hollywood A-lister Ryan Reynolds bought an secret stake in the brand.

According to the terms of this new deal, he will retain an ongoing ownership interest.

Giving a statement via Diageo, Reynolds shared that a little over two years ago, he became an owner of Aviation Gin because he loves the taste of Aviation more than any other spirit.

But he never expected what complete creative happiness learning a new industry would bring to him.

“Growing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I’ve ever been involved with,” he added.

He also thanked Diageo for their incredible team and passion. Also, he said that they are collectively very excited to see how the next chapter of Aviation Gin will be.

“We are happy to announce this transaction, which aids our participation in the super premium gin segment in the United States,” said Ivan Menezes, Chief Executive of Diageo.