George Clooney's tequila firm Casamigos sells for $1bn

It's celebration time for George Clooney, after the tequila company he co-founded was sold to drinks giant Diageo in a deal worth $1bn (£790m).

The deal comes at a busy time for the Hollywood actor, as his wife Amal gave birth to twins earlier this month.

The star founded Casamigos in 2013 with friends Rande Gerber and Mike Meldman.

They have said that Casamigos - meaning house of friends - was born from tequila-filled nights, and was at first just for private events.

The first-time dad may find that newborns Ella and Alexander impinge on his ability to enjoy tequila-filled nights with friends.

But he told CNBC that he and his co-founders would "still be very much a part of Casamigos. Starting with a shot tonight. Maybe two."

While the Oceans Eleven star is unlikely to be short of cash, the deal should help pay for some early-morning childcare assistance (tequila hangovers plus 5am wake-ups - not good) or more nappies than even newborn twins could possibly get through.

Diageo, a British company, said it plans to expand Casamigos internationally.

The company said it would pay $700m initially for the brand, with a further $300m due over 10 years, linked to performance.

Casamigos reportedly came about when the distiller making tequila for the friends told them the quantities involved meant they had to get properly licensed.

Mr Gerber - who is married to supermodel Cindy Crawford - said Casamigos "started from a friendship and an idea to create the best tasting, smoothest tequila as our own house tequila".