Constellation Brands is adding another brand to its portfolio. Currently the leading alcohol producer in the country, Constellation Brands announced on Monday that it had reached a deal worth $1 billion to acquire Ballast Point Brewing, according to Nasdaq. The craft beer acquisition will add more than 40 types of beer to its roster.
The deal is expected to be finalized later this year, according to Bloomberg.
The acquisition is being paid for through both cash and debt, according to Nasdaq.
The acquisition on the horizon is not the first for the company, according to Bloomberg. A 2013 deal worth $5.3 billion with AB InBev gave Constellation Brands the rights to sell both Corona and Modelo beers. This was the company's first foray into the beer industry, and it proved to be a major success.
Constellation Brands Chief Executive Rob Sands gave a statement about the recent acquisition.
"We see the craft category continuing to grow double digits for the foreseeable future and take a significant share of the beer business over the next 10 years," he said, according to Fox News.
The announcement comes days after a $107 billion takeover deal was finalized between AB InBev and SABMiller. To learn more about this recent shakeup in the beer world, click here.
