Clooney raises a glass to $1 billion

Diageo, Scotland’s largest Scotch whisky company, is acquiring the upmarket tequila brand Casamigos for up to $1 billion (£790m) – a company co-founded by Hollywood star George Clooney in 2013.

Diageo will pay $700m upfront for a company showing “exceptional growth”, with another potential $300m in performance-related payouts.