Jay-Z strikes a multi-billion dollar deal with Bacardi regarding his stake in D’USSE following their heated legal battle.
The Roc Nation honcho and Bacardi recently announced that they have settled on a long-term agreement regarding the premium cognac brand.
“Growing D’USSE over the past decades from an idea to one of the fastest-selling spirits in history has been a blessing,” Jay says. “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.”
The hip-hop mogul previously revealed he had 50 percent ownership of the cognac brand. But according to the agreement, Jay sold majority of his stake in D’USSE. It can be assumed that Bacardi now owns more than 75 percent of the brand. Nevertheless, Jay reportedly has a “significant ownership stake” in the brand.
In addition, Jay tried to buy out Bacardi’s ownership stake for $1.5 billion last month. However, the offer was ultimately rejected due to differing valuations of D’USSE.
Jay initially filed a lawsuit against Bacardi in October 2022 over growing concerns of their financial transparency regarding the D’USSE partnership. He demanded Bacardi reveal its books showing the “location of all warehouses storing D’USSE barrels, bottles and accessories.”
At the beginning of 2023, Jay made a strategic move by relocating the lawsuit to Bermuda, where Bacardi’s headquarters is based in the British Overseas Territory.
