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09/01/2014 08:28 GMT | Updated 25/01/2014 16:01 GMT

P Diddy Buys Luxury Tequila Brand DeLeon With Diageo

UNIVERSAL CITY, CA - AUGUST 08:  Actor Sean 'Diddy' Combs performs onstage during the 2010 Teen Choice Awards at Gibson Amphitheatre on August 8, 2010 in Universal City, California.  (Photo by Kevin Winter/TCA 2010/Getty Images  for TCA)
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UNIVERSAL CITY, CA - AUGUST 08: Actor Sean 'Diddy' Combs performs onstage during the 2010 Teen Choice Awards at Gibson Amphitheatre on August 8, 2010 in Universal City, California. (Photo by Kevin Winter/TCA 2010/Getty Images for TCA)

Sean Combs, better known as the rapper P Diddy, has taken over his second drinks brand as he teamed up with drinks goliath Diageo to buy the luxury tequila DeLeon.

The singer snapped up the tequila for an undisclosed figure in a 50-50 partnership with the British drinks giant. This marks the second collaboration between Combs and Diageo, after he became the face of its Ciroc vodka brand for a 50-50 share of the profits.

Combs said: "With Cîroc, we dated. Now with DeLeon, we're married. This deal is way better. This makes me a true owner."

Combs announced the news on Twitter account iamdiddy, telling his 9.5 million followers: "BREAKING NEWS!!The WORLD'S BEST tequila has arrived ppl! The @DeleonTequila wave starts NOW! #DeleonTequila READ THIS

Combs' new tequila brand Deleon, which costs around £55 a shot, was founded by American banker Brent Hocking in 2009.

Deleon will join Combs' other business interests, including his two clothing brands, Sean John and Enyce.

Larry Schwartz, Diageo's north America president, said: "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 Cîroc."

Last year, Combs was estimated by Forbes to be the richest person in hip hop, with a net worth of $580 million.

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