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Jay-Z upstages record-setting Beyoncé with mega Bacardi deal

Power couple: Beyoncé and Jay-Z at the Grammy Awards on Sunday night

The premium power couple have done it again.

Just before Beyoncé won her record-breaking Grammy Award Sunday, her impresario husband, Jay-Z, closed a mega deal with Bacardi, ending a business feud that threatened to spill into the Bermuda Supreme Court.

He agreed to a reported multibillion-dollar deal with the spirit company headquartered on Pitts Bay Road, surrounding the valuation of D’ussé, the premium cognac they co-own.

Up until the announcement, a bitter dispute was with the lawyers.

They previously had shared a 50-50 ownership of the cognac brand since 2011, but a few months ago they had such a falling out that the rapper sued Bacardi.

Complex is reporting: “Shawn ‘Jay-Z’ Carter and Bacardi have announced a long-term agreement surrounding the D’ussé premium cognac brand following a well-publicised legal battle.

‘Growing D’ussé over the past decade from an idea to one of the fastest-selling spirits in history has been a blessing,’ Jay said 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 agreement is billed as marking the launch of the next chapter of D’ussé and sees Bacardi acquiring a majority interest in the multibillion-dollar brand, while Jay will also retain a ‘significant ownership stake.’

“Evercore, notably, served as Jay-Z’s exclusive financial adviser.

“As for the preceding legal battle, readers will recall it focused largely on D’ussés valuation, with Jay alleging that he was not getting an accurate assessment.”

Bacardi has purchased a majority stake in Jay’s holdings, thus settling this agreement.“

The music and business mogul previously made an offer of $1.5 billion to buy out Bacardi’s ownership stake, which was ultimately turned down while they valued the company at a significantly lower $460 million.

Complex is estimating the deal had the stake sold at a valuation of at least $3 billion.

Prior to the deal, Jay-Z was strategically moving the lawsuit to Bermuda courts, because of Bacardi’s Bermuda domicile.

Meanwhile, Beyoncé won a record-breaking 32nd Grammy Award, Sunday in Los Angeles.

She made history as she won Best Dance/Electronic Album for her euphoric dance opus, Renaissance.

In doing so, she overtook Hungarian-British conductor George Solti, whose record of 31 Grammys had stood for more than 20 years.

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Published February 07, 2023 at 7:59 am (Updated February 08, 2023 at 8:05 am)

Jay-Z upstages record-setting Beyoncé with mega Bacardi deal

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