Page Six reported it just before the New Year, and now it’s official. Diddy has jumped into the tequila business with the acquisition of luxury tequila brand, DeLeón.

The deal is a 50/50 joint venture between Diageo and Diddy’s Combs Wine & Spirits, which will build on the strategic alliance formed for the launch of the Cîroc vodka brand.

Since the launch of Ciroc in 2007, the vodka has grown from 50,000 cases a year into nearly 2 million. With the backing of Diageo, DeLeón will benefit from the spirits giant’s distribution, supply chain, and marketing, as well as Diddy’s access to influencers.

“Celebration is a cornerstone of all my businesses, and this joint venture is a natural extension of that portfolio,” said Diddy. “DeLeón is an outstanding brand that appeals to those who love exceptional tequila in a distinctive bottle. Together with Diageo, we will take DeLeón to new heights.”

DeLeón is a blue weber agave tequila. Bottles retail from $120 to over $1,000 per bottle.