Oasis Beverages, a Russian company, is set to buy the Pabst Brewing Company. Pabst is a classic American brand established in the 19th century that makes Pabst Blue Ribbon beer, an inexpensive favorite among Midwestern dads and Brooklyn hipsters alike. Pabst also makes Colt 45, Schlitz, Lone Star, Stroh’s, Ballantine IPA and Old Milwaukee.
The chairman of Oasis said that “Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism, and freedom of expression – all the things that make this country [America] great.” The Wall Street Journal reports the value of Pabst at between $700-750 million. The Pabst brewery began seeking a buyer in March, when it was estimated to be worth potentially $1 billion.