Jay-Z and Bacardi reached an agreement in their dispute over the D’usse cognac brand.
via: HotNewHipHop
One of hip-hop’s most successful businessmen can now rest a little easier at night, if he wasn’t so busy. Jay-Z recently ended his legal battle with Bacardi over their ownership of the D’usse cognac brand. Moreover, the rapper’s lawyers apparently demanded more transparency from the liquor company when it came to handling the cognac brand. Still, the two reached an agreement and Bacardi bought much of Hova’s shares in D’usse, securing a majority interest. Meanwhile, Jay still maintained a “significant ownership stake” as part of this new deal.
However, the two parties previously shared a 50-50 split of D’usse for over a decade. When the New York legend believed Bacardi mismanaged the company, he sought to buy out D’usse as a whole. Then, Bacardi offered Jay $500 million for his stake, and he asked for $1.5 billion instead. As they couldn’t reach an agreement, the 53-year-old sued the rum magnates for their mishandling of D’usse last year. Also, he filed paperwork to move the suit to the company’s headquarters in Bermuda. After months of litigation, both parties just announced a new deal to reconcile these differences.
Toast to the stars with The D'USSÉ Golden Statue – a nod to Music's Biggest Night presented in #DUSSE's iconic gold cup, delivered straight to your celebration from @cocktailcourier. ? https://t.co/YFVTAM11Ds pic.twitter.com/r54YcjeIjZ
— D'USSÉ (@DusseCognac) January 25, 2023
“Growing D’usse over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” Jay-Z stated via a press release. “The next phase of this journey will further cement D’usse’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.” While they didn’t disclose many terms of the agreement, Bloomberg suggested it cost at least $750 million. “We have deep respect for [Jay-Z’s] creativity and business acumen,” the liquor company stated to Bloomberg. ‘[We] are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category.”
