Russian firm Oasis Beverages announced this week that it will be acquiring famed American brewery Pabst Blue Ribbon — 170 years after the company was first established in Milwaukee.
“Pabst Blue Ribbon is the quintessential American brand — it represents individualism, egalitarianism and freedom of expression — all the things that make this country great,” said Eugene Kashper, chair of Oasis Beverages, in a statement.
“The opportunity to work with the company’s treasure trove of iconic brands, some of which I started my career selling, is a dream come true."
The terms of the transaction have yet to be disclosed, according to the New York Times.
However, the chair of Russia’s largest independent brewery noted the company would continue to be based out of Los Angeles. American private-equity firm TSG Consumer Partners will take a minority stake in the company as well.
Besides the enterprise’s iconic namesake beer that has succeeded in capturing the heart of hipsters worldwide, the Pabst Brewing Company is home to myriad iconic American brands including Lone Star, Schlitz and Old Milwaukee.