News leaked over the weekend that Diageo and Casa Cuervo, owned by Mexico's Beckmann family, would be swapping brands [see WSD 11-01-2014 ]. Today, that news has been confirmed, albeit with a slightly different arrangement than initially reported. Diageo dropped out of the Irish whiskey category in trading Bushmills to the Beckmanns and the Beckmanns gave Diageo full control of the Don Julio tequila brand, but it was Diageo who received a$408 million cash payment, not the Beckmanns as was first reported. In addition, the two parties agree to an early termination of Casa Cuervo's production and distribution agreement for Smirnoff in Mexico.