Source: Ezra Shaw / Getty
Jay-Z reportedly sold a controlling stake in D’ussé for $750M ending his former ongoing legal dispute with Bacardi.
Serial entrepreneur Jay-Z has always been known for making major movies and every day is looking to make his next parlay. Recently How and Bacardi Ltd. have been involved in a multibillion-dollar dispute over their cognac joint venture, D’ussé. The pair have been in lengthy arbitration and litigation throughout multiple courts.
As for how things ended up in court Bacardi offered Jay-Z $500 million for his stake in the company which he denied. When Hov countered with $1.5 billion for Bacardi’s stake the company denied putting both sides in a stalemate. Bacardi won several rounds in arbitration but now both sides have reached an agreement.
Jay-Z Sells Stake In D’usse For $750 Million Ending Legal Dispute With Bacardi
According to BloombergLaw, both sides have officially reached a settlement. Liquor giant Bacardi will buy out a majority of Hov’s 50% stake in the company. Bacardi now owns at least 75.01% of D’usse but Jay-Z retains a “significant ownership stake” via SCLiqour.
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“I am excited to renew this partnership with Bacardi,” Jay-Z said.
While the deal’s exact amount wasn’t disclosed, Jay-Z reportedly received around $750 Million. Throughout the legal dispute, Jay-Z maintained D’usse was worth around $3 Billion. If you do the math with him keeping around 24% the number seems correct.
“We have deep respect for his creativity and business acumen and are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category,” the statement said. Bacardi declined to comment on the deal details but called Jay-Z “an invaluable partner.”
With Hov selling half his ownership that only means a bigger and better business move is being prepped. Rumor has it he could be in the market to purchase a stake in an NFL team. We will just have to wait and see how everything plays out.
