Rapper and entrepreneur P. Diddy has added a new venture to his growing list of businesses in the form of a tequila company. 

The music mogul teamed up with Diageo PLC in order to purchase luxury alcohol brand DeLeon for an undisclosed sum of money. 

He already has a marketing and profit-sharing deal for Ciroc Vodka and explained in a statement that this was the next best business move: "With Ciroc, we dated. Now with DeLeon, we're married. This deal is way better. This makes me a true owner."

President of Diageo North America, Larry Schwarz, added: "The joint venture with Combs Wine & Spirits and its purchase of DeLeon is Diageo's latest step toward returning to a leading position in tequila in North America."

"Expanding our relationship with Sean Combs into tequila was a natural choice given Sean's ability to galvanise support for luxury brands, as we've seen with our work together on Ciroc. Ultra-premium and above tequila is a very exciting segment - we already have a strong brand there with Don Julio and are pleased to complement that offering with DeLeon."