(TDB) - Spirits giant Bacardi is buying ultra-premium Tequila brand Patrón in a deal that values Patrón at $5.1 billion, eclipsing the Diageo / Casamigos deal by $4.1bn.

Illustrating the growing power of premium Tequila, the acquisition will be one of the most expensive deals ever made for a spirits brand.

The deal will make Bacardi the number one spirits player in the super-premium segment in the US and the second largest spirits company in market share by value in America.

Best known for its rum, Bacardi has held a roughly 25% stake in Patrón Spirits International AG for nearly a decade.

The Bermuda-based brand announced its plans today to buy full control of Patrón, which it plans to distribute more widely around the world off the back of a growing global thirst for top drawer Tequila.