Energy drinks maker Monster Beverage Corp. said on Thursday it had agreed to buy craft beer and hard seltzer maker CANarchy Craft Brewery Collective Llc for $330 million in cash, marking its entry into the alcoholic drinks market.
Monster said the deal would add alcoholic brands Cigar City, Oskar Blues, Deep Ellum, Perrin Brewing, Squatters and Wasatch brands to its beverage portfolio and not include CANarchy's restaurants.
Monster co-Chief Executive Officer Hilton Schlosberg said the deal was a "springboard" for the company into the alcoholic beverage space.
"The acquisition will provide us with a fully in-place infrastructure, including people, distribution and licenses, along with alcoholic beverage development expertise and manufacturing capabilities in this industry."
The deal is expected to close in the first calendar quarter this year, with CANarchy functioning independently led by its top boss Tony Short.
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