Energy drink company Monster Beverage Corp. (MNST) announced Thursday that it is entering the alcoholic beverage business through an agreement to buy craft beer and hard seltzer company CANarchy Craft Brewery Collective LLC for $330 million in cash. The deal, which is expected to close in the first quarter of 2022, will bring the Cigar City (Jai Alai IPA and Florida Man IPA), Oskar Blues (Dale's Pale Ale and Wild Basin Hard Seltzer), Deep Ellum (Dallas Blonde and Deep Ellum IPA), Perrin Brewing (Black Ale), Squatters (Hop Rising Double IPA and Juicy IPA) and Wasatch (Apricot Hefeweizen) brands to the Monster portfolio. "This transaction provides us with a springboard from which to enter the alcoholic beverage sector," said Monster co-Chief Executive Hilton Schlosberg. "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." Monster's stock, which was indicated down more than 1% in the premarket, has rallied 10.1% over the past three months while the S&P 500 has tacked on 8.3%.
(END) Dow Jones Newswires
01-13-22 0831ETCopyright (c) 2022 Dow Jones & Company, Inc.