Ballast Point sold to Constellation Brands for $1 Billion
Reuters reports that Constellation Brands, an international producer and marketer of beer, wine and spirits whose brands include Corona and Modelo, announced Monday morning it would purchase San Diego brewery Ballast Point for $1 billion. Ballast Point, founded in 1996, brews Sculpin IPA, Longfin Lager, The Commodore Stout and others; distills a line of spirits; and recently introduced canned ready-to-drink cocktails.
The acquisition should be complete by the end of 2015. It comes on the heels of last week’s news that Anheuser Busch-InBev will acquire SABMiller for $107 billion, creating the world’s largest beer company.