Liquor company consolidation made another massive stride on January 22, as Bacardi Limited, the makers of Bacardi Rum, announced it had acquired the makers of Patrón Spirits in a deal valued at $5.1 billion, CBNC reports.

Bacardi purchased 30% of Patrón’s stock back in 2008, but now the Bermuda based company will be full owner of Patrón, adding the premium tequilas to its already impressive portfolio of some two hundred spirits. This transaction, which is set to finalize in the first half of 2018, makes Bacardi the second largest spirits company in the world after Diageo, who owns Johnnie Walker Scotch as well as many other scotch brands.

Patrón’s current owner, Co-Founder John Paul DeJoria, is set to cash out with the deal. DeJoria purchased the majority of the company back in 2008, when Bacardi first invested in it; he also famously once lived out of his car on the edge of poverty before becoming a self-made billionaire.

This consolidation echoes those of the beer industry, like AB-InBev’s purchase of SAB Miller in 2015 for $104 billion, and it’s unlikely to be the last major acquisition anytime soon.  

Photo via Patron Tequila on Facebook