Tequila beat Publicis Dialog and Saatchi & Saatchi X to the account, which will cover the promotion of the school's bespoke and set courses and training programmes.
Tequila has been briefed to build relationships with prospective customers using press, online, direct mail, events and brochures.
The pitch was a result of a review of the way the London Business School promotes itself and the ensuing decision to market its commercial courses separately from its undergraduate courses.
The business was previously handled by First City, which did not pitch for the business, but continues to work on its undergraduate account.
Stephen Rangecroft, the marketing director at London Business School Executive Education, said: "We are delighted to be working with Tequila\London. The team impressed us with its 'disruption' philosophy and strategic approach to reaching companies that can benefit from our executive education programmes."
Ian Thomas, the managing partner at Tequila\London, added: "It is a tremendous opportunity to work with a world-class institution such as London Business School. We are looking forward to collaborating not only with the School's marketing team, but also with its faculty members."
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