Bacardi announced today it will acquire 100% ownership of Patrón Spirits.

The transaction values Patrón at US $5.1 billion and is expected to close the first half of 2018.

The Patrón leadership team, including Chief Executive Officer Edward Brown, Chief Operating Officer David R. Wilson, and Chief Marketing Officer Lee Applbaum, will continue in their roles.

“Patrón and Bacardi were both founded on the principles of quality, integrity, and innovation, and driven by a sense of fearlessness – it’s in our DNA,” said Facundo L. Bacardi, Chairman of Bacardi Limited. “It has been a privilege being a partner for a number of years with a remarkable entrepreneur like John Paul DeJoria. John Paul’s vision, integrity, and courage are responsible for introducing the world to simply perfect tequila. As we move forward together, we will continue to pursue perfection as the guiding light in everything Patrón stands for.”

Barry Kabalkin, Vice Chairman of Bacardi Limited and a member of the board of directors of Patrón since 2008, added, “Patrón is one of the world’s most coveted spirits brands, and we are thrilled to take our long-standing relationship to the next level. Working with the extraordinary team at Patrón, for whom we have the highest possible respect, we will stay true to our shared values. That’s a promise I made to John Paul, a one-of-a-kind visionary, and to Ed Brown, who over a period of nearly 20 years has successfully turned Patrón into an industry phenomenon. Patrón is a brand that transcends the tequila category and will uniquely complement the Bacardi portfolio of premium brands.”

Said Patrón President and CEO Edward Brown,“Patrón is more than just a brand we have built; it has been a personal passion for nearly 20 years. I truly consider the Patrón team my extended family.  As Bacardi has had an ownership stake in Patrón for almost a decade now, and truly knows and appreciates our unique business, they are the best and most logical steward to continue our pursuit of perfection.”