Monster Beverage Corp., Corona, Calif., has entered into a definitive agreement to acquire CANarchy Craft Brewery Collective LLC, a craft beer and hard seltzer company for $330 million in cash.

The transaction will bring the Cigar City (Jai Alai IPA and Florida Man IPA), Oskar Blues (Dale’s Pale Ale and Wild Basin Hard Seltzer), Deep Ellum (Dallas Blonde and Deep Ellum IPA), Perrin Brewing (Black Ale), Squatters (Hop Rising Double IPA and Juicy IPA) and Wasatch (Apricot Hefeweizen) brands to the Monster beverage portfolio. The transaction does not include CANarchy’s stand-alone restaurants.

The transaction is expected to close in the first calendar quarter of 2022 and is subject to customary closing conditions, including regulatory approvals. Monster’s organizational structure for its existing energy beverage business will remain unchanged. CANarchy will function independently, retaining its own organizational structure and team, led by Tony Short.

“This transaction provides us with a springboard from which to enter the alcoholic beverage sector,” said Monster’s Vice Chairman and Co-Chief Executive Officer Hilton Schlosberg in a statement. “The acquisition will provide us with a fully in-place infrastructure, including people, distribution and licenses, along with alcoholic beverage development expertise and manufacturing capabilities in this industry.”

“The addition of CANarchy and its brands to the Monster beverage portfolio represents an excellent opportunity to further grow our already robust product offerings,” added Monster’s Chairman and Co-CEO Rodney Sacks. “We are excited to build and expand upon CANarchy’s existing brands with innovative new products.”

“The team at CANarchy is thrilled to be joining Monster,” said CANarchy’s CEO Tony Short. “We look forward to capitalizing on the combined expertise of Monster and CANarchy to further strengthen our current alcoholic product offerings, expand our product portfolio to meet the ever-changing needs of our customers and to grow our business.”

Evercore served as financial advisor, and Jones Day served as legal advisor to Monster. Latham & Watkins served as legal advisor to CANarchy.