Pabst Brewing Company Nears $700 Million Sale

Russian beverage distributor Oasis Beverages is expected to purchase Pabst for more than $700 million

Pabst Brewing Company is reportedly close to a deal worth more than $700 million.

Pabst Brewing Company, the brand behind Pabst Blue Ribbon, Colt 45, and Old Milwaukee, is nearing a deal worth more than $700 million, sources told The New York Times.

Russian beverages distributor Oasis Beverages — which distributes brands like Heineken and Perrier within Russia, and operates six breweries and soft drink plants in four countries — is expected to buy the company, with backing from American private equity firm TSG Capital.

In 2010, Pabst was acquired by Dean Metropoulos for $250 million, and subsequently handed management over to his two sons, who served as co-chief executives. The two are expected to step down following the sale, which is expected to be announced later on Thursday, September 18.

The deal is likely to be followed by “more consolidation in the beer business,” speculates The New York Times. On Sunday, Heineken reportedly rejected an offer from SABMiller that was estimated at approximately $50 billion.

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Karen Lo is an associate editor at The Daily Meal. Follow her on Twitter @appleplexy.