so Conor got 600 million for Proper Twelve
Wow.
Quote
Conor McGregor is cashing in on the booze business.
The UFC fighter and his partners have sold their majority stake in Proper No. Twelve Irish whiskey for a deal worth up to $600 million. Proximo Spirts, which previously held a 49% stake in the brand, is the buyer. Proximo owns Jose Cuervo and Bushmills among other liquor brands in its portfolio.
Both sides confirmed the transaction to industry publication Shanken News Daily on Tuesday. McGregor and his partners Audie Attar and Ken Austin will retain a stake. How much Proximo now owns beyond its controlling interest was not revealed. Nor were the parameters defining how the deal would reach the $600 million total.
"When we started this business with Proximo, we basically laid out, I’ll call it certain hurdles, that would allow them to buy pieces of the company over time,” Austin told Proximo. “We hit a milestone and it gave Proximo the opportunity to own a significant stake.”
The $600 million figure includes $250 million Proximo previously paid in the partnership, according to Austin.
This post was edited by KrWWW on Apr 27 2021 07:20pm