Benzinga | Jan 13, 2022 11:48AM EST

Monster Beverage To Acquire CANarchy Craft Brewery Collective For $330M Cash

* Monster Beverage Corp (NASDAQ: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.