Pabst Blue Ribbon goes Red

A Russian beverage company said on Thursday that it was acquiring the Pabst Brewing Company, which makes the Pabst Blue Ribbon beer popular with barflies and hipsters alike and other brands like Colt 45 and Old Milwaukee.

The company did not disclose terms of the transaction, but people briefed on the matter said the price was more than $700 million in cash.

The buyer is Oasis Beverages, a Russian brewer and beverages distributor. Backing Oasis is TSG Consumer Partners, an American private equity firm focused on consumer goods, which will take a minority stake..