AUSTIN, Texas -- Texas billionaire and Patron co-founder John Paul DeJoria is selling his stock in the tequila company to Bacardi.

The deal is valued at $5.1 billion and would make Bacardi the second-biggest liquor company in the country. DeJoria co-launched Patron nearly 30 years ago and is also the co-founder of the hair care company John Paul Mitchell Systems. Forbes estimated his net worth last year at $3.4 billion.

 

 

 

Bacardi has held a minority stake in Patron since 2008. Bacardi is known for its namesake rum, but it also owns several other liquor brands including Grey Goose vodka, Bombay Sapphire gin and Dewar's whiskey. Patron will join its tequila stable that also includes Cazadores and Corzo.