Bermuda-headquartered Bacardi has completed the acquisition of ultra-premium distilled spirits manufacturer Patrón Spirits International for $5.1bn.

Bacardi now holds 100% of Patrón Spirits International and its namesake ultra-premium Tequila brand. The company first acquired a 30% minority stake in the brand in 2008.

Citing the International Wines & Spirits Record (IWSR) data, Bacardi said the acquisition will make it the second largest spirits company by value market share in the US, and the number one super-premium spirits company in the country.

Tequila is considered to be one of the fastest-growing categories in the spirits industry.

Bacardi Limited CEO Mahesh Madhavan said: "We are delighted to welcome the team from Patrón into the Bacardi family. We continue to be inspired by their passion, culture of caring, attention to detail, and unwavering commitment to quality. Our promise is to uphold these qualities to ensure the product integrity, innovative marketing, and commercial success of Patrón tequila for years to come."

Patrón Spirits was established in 1989 by two entrepreneurs, John Paul DeJoria and Martin Crowley. The two entrepreneurs came to the Highlands of Jalisco, Mexico in search of creating the best tequila in the world. DeJoria and Crowley then collaborated with tequila industry veteran Francisco Alcaraz and started producing Patrón brand tequila.

Patrón Spirits' portfolio includes Roca Patrón, Gran Patrón, XO Cafe, Citrónge, Pyrat, and Ultimat, as well as limited and special edition distilled spirits.

Patrón Spirits president and CEO Edward Brown said: "This is a momentous day for all of us at Patrón Spirits, and we are optimistic about the opportunities that lie ahead.

"With Bacardi and its global presence, there is vast potential to grow the Patrón brand outside the United States which is particularly exciting.

"Patrón has been a personal passion of mine for nearly 20 years, and I am thrilled to now be a part of the Bacardi family."

Bacardi was founded more than 156 years ago in Santiago de Cuba and still remains a family-owned business. It operates more than 20 production facilities including bottling, distilling and manufacturing sites and sells in more than 170 global markets.