Monster Beverage enters alcoholic beverage business with $330 million purchase of CANarchy Craft Brewery

Energy drink company Monster Beverage Corp. MNST,
-4.73%
on Thursday announced its entry into the alcoholic beverage business through a deal 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 together 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) at Monster Portfolio. “This transaction provides us with a stepping stone to enter the beverage alcohol business,” said Monster co-CEO Hilton Schlosberg. “The acquisition will provide us with a fully established infrastructure, including people, distribution and licensing, as well as beverage alcohol development expertise and manufacturing capabilities in this industry.” Monster stock, which was listed down more than 1% pre-market, has rebounded 10.1% in the past three months while the S&P 500 SPX,
+0.08%
veered to 8.3%.

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