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. Recently Hov and Bacardi Ltd. were involved in a multibillion-dollar dispute over their cognac joint venture, D’ussé, and have been in lengthy arbitration and litigation throughout multiple courts.
Bacardi offered Jay-Z $500 million for his stake in the company which he declined. Then when Hov countered with $1.5 billion for Bacardi’s stake, the company declined effectively putting negotiations in a stalemate. Bacardi won several rounds in arbitration, but now both sides have reached an agreement.
According to Bloomberg Law, 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.
“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.