Diddy teams up with Diageo to buy premium tequila brand DeLeon

I'll Be Missing You singer buys DeLeon tequila for an undisclosed figure in a 50-50 partnership with the British drinks firm

Sean Combs, better known as rapper P Diddy, has teamed up with drinks giant Diageo for a second time to buy premium tequila brand DeLeon.

The I'll Be Missing You singer has bought the brand for an undisclosed figure in a 50-50 partnership with the British drinks firm, which owns other spirits such as Smirnoff and Johnnie Walker.

Combs is already the face of Diageo's Circoc premium vodka as part of a marketing deal with the firm. Diddy's endorsement has seen sales of the brand rocket almost fortyfold.

DeLeon, which costs around £55 a shot, was launched in 2009 by former mortgage lender Brent Hocking. Combs joins celebrities such as Justin Timberlake and George Clooney in backing a premium tequila brand, a fast growing segment in the drinks industy.

Combs, who shot to fame in the 90s after founding Bad Boy Records and signing iconic rapper Notorious B.I.G, is one of a number of hip hop artists to have branched out into entrepreneurship.

Combs has launched his own clothing brand, Sean John, and has dabbled in the restaurant business. Last year Forbes estimated his net worth at $580m, making him the richest person in hip hop.