Jay-Z, the mastermind of the rap game, has just acquired lots of money by engaging in a lucrative corporate deal. Jay-Z has reportedly sold half of his stake in his champagne brand Armand de Brignac. Here are the precise details of how much Izzo made.
Forbes reported that Armand de Brignac valued $630 million at the time the deal took place. While retaining 50% ownership of the champagne brand, Jay-Z made $315+million in this massive corporate move by selling 50% of his brand to mammoth lifestyle brand LVMH.
Forbes values the deal for the bubbly wine, known by its nickname Ace of Spades thanks to its logo design and several of Jay-Z’s lyrics promoting it, at roughly $630 million, based on conversations with five beverage analysts and industry insiders. That’s double Forbes’ previous valuation of the brand. The terms of the deal have not been publicly reported by LVMH or Jay-Z, whose company will still handle production. Neither side would comment, but based on analyst estimates, Jay-Z likely pocketed at least $315 million in the deal.
Just like Jay-Z, there’s another rapper who has a keen business mindset is Dr. Dre. Having his own money making empire with Beats by Dr. Dre, Dr. Dre took to Instagram to congratulation Izzo for his win.