A bottle of Aviation gin is seen in this 2014 photo.

Alcohol giant Diageo announced Monday that it had purchased Portland-based Aviation American Gin, which is co-owned by actor Ryan Reynolds, in a deal worth up to $610 million.

Diageo, one of the world’s largest producers of spirits and beers, will pay $335 million up front and up to $275 million more based on Aviation Gin’s performance over the next 10 years to acquire the company. Through the deal, Diageo will also acquire Davos Brands, the majority owner of Aviation Gin, and the company’s other spirits brands.

Reynolds, who frequently appears in ads for the premium craft gin, will retain an ownership stake in Aviation Gin, according to Diageo.

Aviation gin was developed in Portland by House Spirits founder Christian Krogstad and bartender Ryan Magarian in 2006. Davos Brands purchased the company in 2016 and Reynolds became a co-owner of the company in 2018. The gin has continued to be distilled in Portland amid the ownership changes.