Why Diageo Is Seeking to Buy Jose Cuervo
Filed under: Spirits
By: David KileyUnited Kingdom drinks giant Diageo is believed to be considering a bid to buy the historic and iconic Jose Cuervo Tequila brand, the biggest Tequila brand and operation in the world, from the Beckmann family whose family tree traces to the original Antonio de Cuervo and a Mexican land grant from Spain in 1758 to start a blue agave farm.
Diageo already controls most of the distribution of Jose Cuervo. But media reports on both sides of the Atlantic say the beverage company, which also owns Guinness and a raft of other spirits brands, including Johnnie Walker Scotch Whisky, Tanqueray Gin and Crown Royal Canadian Whiskey, would pay perhaps $2 billion to own it outright.
The reason for Diageo's interest is open for speculation for now, since neither side is doing much talking. But Tequila consumption has been growing, though 84 percent of world consumption is still concentrated in Mexico and the U.S., according to Just-Drinks.
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