Monster Beverage To Acquire CANarchy Craft Brewery Collective For $330M Cash - Monster Beverage (NASDAQ:MNST)

Monster Beverage Corp MNST has agreed to acquire CANarchy Craft Brewery Collective LLC, a craft beer and hard seltzer company, for $330 million in cash.
The deal is expected to bring Cigar City, Oskar Blues, Deep Ellum, Perrin Brewing, Squatters, and Wasatch brands to the Monster beverage portfolio. The transaction does not include CANarchy's stand-alone restaurants.
The transaction is expected to close in the first calendar quarter of 2022.
Following the deal's closing, CANarchy will function independently, retaining its own organizational structure and team, led by Tony Short.
"This transaction provides us with a springboard from which to enter the alcoholic beverage sector," said Monster's Vice Chairman and Co-CEO Hilton Schlosberg.
Monster Beverage held $2.9 billion in cash and equivalents as of September 30, 2021.
Price Action: MNST closed lower by 0.63% at $93.98 on Wednesday.