Russian brewer Oasis Beverages and private-equity firm TSG Consumer Partners LLC are partnering to buy Pabst Brewing Co., according to people familiar with the matter.

The deal values the maker of Pabst Blue Ribbon and other beers at between $700 million and $750 million, some of the people said. Oasis will take a majority stake, while TSG will take a minority stake in the deal, which will be announced Thursday, the people said.

Consumer-products...