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Cuervo owner borrows $150m to buy Conor McGregor’s Proper No.12
Becle, the company behind Jose Cuervo, has secured a US$150m loan to acquire the remaining stake it doesn’t already hold in Conor McGregor’s Proper No.12 Whiskey, a move which could lead to a huge payday for the UFC star.
Earlier this month, we reported the news that Conor McGregor’s future at Proper No.12 was in question, after Becle disclosed its intention to acquire a 51% stake in Eire Borne Spirits, the company behind Proper No.12 Whiskey.
“On February 23, 2021, the Company provided notice of the exercise of its call option to acquire 51% of the equity interests of EBS.” A line from a news release at the time read.
Becle, which also owns the Bushmills brand, took an initial stake in Eire Borne Spirits when it was first founded by the mixed martial arts legend and his manager, Audie Attar.
In April of last year, the Tequila maker completed its purchase of an additional 29% stake in EBS, taking its ownership in the company up to 49%, in a deal that valued the company at $235 million.
Eire Borne Spirits owns and markets the Proper No.12 Whiskey brand, which is made at Becle’s Old Bushmills Distillery in Northern Ireland at present.
The deal will reportedly be funded through a combination of cash and a US$150m loan through a credit facility, and is expected to be completed in the coming days.
Conor McGregor is a mixed martial arts fighter with the UFC promotion. His most recent fight ended in a knockout loss to Dustin Poirier.