Jay-Z and Bacardi reached an agreement in their dispute over the D’usse cognac brand.
Bacardi bought out much of Jay-Z’s stake in D’usse, securing a majority interest in the brand. The two sides announced Jay-Z maintained a “significant ownership stake” as part of the deal.
“Growing D’usse over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” Jay-Z said in a press release. “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.”
Jay-Z and Bacardi co-owned D’usse for more than a decade. Hov sought a buyout after accusing Bacardi of mismanaging the brand.
Bacardi initially offered $500 million for Jay-Z’s 50 percent stake. He asked for $1.5 billion, which was rejected.
Last year, Jay-Z sued Bacardi over its handling of D’usse. Earlier this year, he filed paperwork to move the lawsuit to Bermuda, which is where the company’s headquarters are located.
After months of litigation, the two sides brokered a new deal. Terms of their agreement weren’t disclosed, but Bloomberg suggested it was worth at least $750 million.
“We have deep respect for [Jay-Z’s] creativity and business acumen and are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category,” Bacardi told Bloomberg.
Jay-Z is scheduled to attend the 2023 Grammy Awards on Sunday (February 5). He will join DJ Khaled for a performance of their song “God Did.”