Pabst Blue Ribbon Sold to Russian Brewer for $700 Million

Pabst Blue Ribbon, known to many as simply 'PBR', and the rest of Pabst Brewing's products have been sold to Russian brewer Oasis Beverages for $700 million.

According to BusinessWeek.com, C. Dean Metropoulos, the investment firm that purchased Pabst in 2010, is set to make a pretty sizable profit from the sale to Oasis. They paid just $250 million for Pabst Brewing in 2010.

Over the last ten years, sales of PBR have more than doubled, while other brands were losing customers. Last year, C. Dean Metropoulos sold over 6 million barrels of PBR, which far exceeded sales of other American brews.

Other beers Pabst Brewing is responsible for includes Old Milwaukee, Schlitz, and Colt 45.

Luckily for hipsters, Oasis has made no mention of discontinuing PBR. So, you'll still be able to look cool. Don't worry.

[BusinessWeek.com]