RIO DE JANEIRO (Reuters) - Ambev SA (ABEV3.SA), the Brazilian unit of Belgium’s Anheuser-Busch InBev SA (ABI.BR), said on Tuesday it agreed to buy the Canadian rights to beer and cider brands owned by Canada’s Mark Anthony Group for $350 million.
Among the brands purchased by Ambev from the Mark Anthony Group are Palm Bay, Mike’s Hard Lemonade and Okanagan Cider, Ambev said in a Brazilian securities filing. The deal also includes the purchase of British Colombia’s Turning Point Brewery, which produces the Stanley Park beer brand.
The acquisitions will be managed by Labatt Breweries of Canada, an Ambev subsidiary. Ambev’s parent AB InBev is the world’s largest brewer.
The deal is expected to close in the coming months, the statement said.
Mark Anthony, founded in 1972, produces and distributes wine and specialty beers. It is also the world’s fourth-largest maker of “near beer” a type of low or alcohol-free beer.
Reporting by Jeb Blount; Editing by Diane Craft