According to Complex, the agreement saw Hov sell a majority stake in D’USSÉ. He previously had 50/50 ownership of the cognac brand with Bacardi, so it can assume that Bacardi now owns over 75 percent of D’USSÉ.
“Growing D’USSÉ over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,” Jay relayed in a statement. “The next phase of this journey will further cement D’USSÉ’s legacy as one of the world’s most respected brands. I am excited to renew this partnership with Bacardi.”
The Brooklyn-bred mogul previously made an offer of $1.5 billion to buy out Bacardi’s ownership stake which was ultimately turned down while valuing the company at a significantly lower $460 million.
However, Complex is estimating “that the newly announced acquisition stake was sold at a valuation of at least $3 billion.”
Prior to the agreement, JAY-Z made the strategic move at the top of 2023 to relocate the lawsuit against Bacardi to Bermuda, where Bacardi’s headquarters is helmed in the British Overseas Territory.
“SC is now preparing to bring litigation against Bacardi in Bermuda, where Bacardi is incorporated and headquartered (the ‘Bermuda Action’), for procuring a breach of D’Usse’s Operating Agreement under Bermudian law,” documents in the lawsuit read.
Hov opened up the lawsuit against the spirits giant in October, centered around concerns over their financial transparency regarding their 50/50 D’USSÉ partnership
The Roc Nation boss is riding high into the weekend where he’s set to also perform at the Grammy Awards at the Crypto.com Arena on Sunday evening (February 5).