BACARDI GULPS DOWN PATRÓN TEQUILA FOR $5.1B

Bacardi and Patrón are about to have the same owner on the top shelf of the world’s favorite premium spirits. Family-owned Bacardi Limited on Monday announced it is buying Patrón Spirits International and its Patrón brand — the world’s top-selling premium tequila — in a deal that values the brand at $5.1 billion. The transaction would give Bacardi full ownership of Patron after holding what it characterized as a significant minority stake in the company since 2008. The deal is likely to close during the first half of 2018.