Bacardi Acquires Patrón Spirits For $5.1 Billion

Bacardi Limited, the world's largest private spirits business, will fully acquire Patrón Spirits International AG for $5.1 billion. The spirits giant, which also owns Grey Goose vodka and Dewar's Scotch whisky, purchased 30 percent of the tequila brand in 2008.

"Tequila is one of the fastest-growing and most attractive categories in the spirits industry, with Patrón being the clear market leader in the super-premium segment," said a statement from Bacardi on the acquisition.

"Super-premium brands continue to experience the fastest growth, and the trend is expected to continue."

As reported by Forbes, it was highly anticipated that Bacardi would purchase the remaining 70 percent of Patrón, and the transaction is expected to close in the first half of this year. In the deal, Bacardi will absorb Patrón's debt (currently undisclosed) and the brand's co-founder John Paul DeJoria will sell his 70 percent share of the company. DeJoria will serve as an ambassador for Patrón as Chairman Emeritus.

Love tequila? Here are 8 tequila cocktail recipes you can make with Patrón or whatever tequila brand you like.