Bacardi Ltd. is acquiring the maker of Patrón tequila in a deal that values the premium brand at $5.1 billion, one of the biggest liquor buys in years as rivals scramble to own more top-shelf spirits.

Bacardi, best known for its namesake rum, has held a 30% stake in Patrón Spirits International AG for nearly a decade, according to people familiar with the matter. Bacardi is now buying full control with plans to distribute the Mexican-made liquor more widely and cash in on demand for high-end tequila, the company said.

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