Jay-Z is widely acknowledged as one of the most influential artists in the hip-hop industry. Jay Z and Bacardi owned 50-50 split of D’usse for over a decade. However, he filed a lawsuit against the liquor company for their mishandling of D’usse last year. However, Jay-Z and Bacardi recently reached a settlement in their legal dispute over their ownership.
According to reports, the rapper’s attorneys asked the alcohol company to handle the cognac brand with more transparency. Nevertheless, the two came to an agreement, and Bacardi acquired a majority stake in D’usse by purchasing most of Hova’s shares. As part of this new agreement, Jay continued to hold a “significant ownership stake” in the meantime.
The New York legend tried to buy out D’usse entirely because he thought Bacardi had mishandled the business. Then, when Bacardi decided to offer Jay $500 million for his interest, Jay countered with a demand for $1.5 billion.
The rapper then filed a lawsuit against the rum giants for their improper handling of D’usse last year after they were unable to come to an agreement. He also submitted paperwork to have the lawsuit transferred to the Bermuda headquarters.
After several months of dispute, the two parties reached a new agreement. Their agreement’s terms were not made public, but Bloomberg estimated its value to be at least $750 million. “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 stated via 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.”
According to Bacardi,
“We have deep respect for [Jay-Z’s] creativity and business acumen. [We] are proud of our accomplishments in establishing D’Usse as a leader in an exciting and competitive category.”
Jay-Z is all set to attend the 2023 Grammy Awards on Sunday. He will perform with DJ Khaled during their song “God Did” performance. Keep an eye on Thirsty For News to get more updates.
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