The deal with Bacardi helps cement tequila’s status as a key product in the global market for spirits. Photo: MintLos Angeles: Bacardi Ltd is tapping into the fast-growing market for tequila by acquiring Patron Spirits International AG in a deal valuing the company at $5.1 billion. Bacardi will tap debt markets to help finance the deal, according to a person familiar with the deal. Patron, an early pioneer in the market for upscale tequila, was founded by John Paul DeJoria and Martin Crowley in 1989. The deal with Bacardi helps cement tequila’s status as a key product in the global market for spirits.

Source: Mint January 23, 2018 05:15 UTC