MIAMI – Bermuda-based Bacardi Ltd. acquired Patron Spirits International AG, the producer of Patron’s famous tequilas.
Bacardi, which was founded in Cuba, announced Monday that the deal's estimated value was $5.1 billion.
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"Bacardi's international distribution network will help grow Patron around the world, increasing scale in the U.S. and globally," Mahesh Madhavan, CEO of Bacardi Limited, said in a statement.
Patron's leadership will remain in place when the deal closes.