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.
Who Wins The Jollof Wars? #SavorTheCulture Gets A Taste Of Senegal's OG Recipe From Brooklyn's Café Rue Dix
#SavorTheCulture Char & Deveen Dive Into Plantain Destination, BunNan BK
Whew Lawd! The Hottest Thirst Traps Of The Week
The Internet Is Going NUTS Over Paul Wall’s Transformation Into Seasoned Silver Fox Paulden Wallinski
Meagan The 'Missus?' Here's Why Jonathan Majors & Meagan Good Sparked Speculation They Got Huckleberry Hitched
Nia Long Calls Out Ime Udoka's Alleged Mistress By Name While Blasting Boston Celtics For Exposing 2022 Cheating Scandal
Mercury Is Microbraiding: Social Media Explodes Over Teyana Taylor’s Split From Iman Shumpert
Travis-Free Glow: Kayla Nicole's Hottest Thirst Traps On The Gram