Independent Russian brewer Oasis Beverages has just purchased Pabst for over $700 million in cash.

When Twinkies were almost extinct, investor Dan Metropoulos stepped in to save snack food fiends from the brink of catastrophe. If you were to wash down your Twinkie with a PBR, you would actually be enjoying an entirely Metropoulos-owned snacking interlude—that is, until yesterday.

Yesterday, Russian brewer and beverage distributor Oasis Beverages purchased Pabst Brewing Company from Metropoulos. The sale included Pabst-owned brands Colt 45, Schlitz, and Old Milwaukee. According to the New York Times Dealbook, terms were not officially disclosed, but sources close to the matter say $700 million in cash changed hands.

Oasis Beverages brews some regional beers in Russia, as well as distributing some internationals like Heineken. To add an additional layer to this financial pie, Oasis is backed by American private equity firm TSG Consumer Partners, which Dealbook says will take a minority stake.

The WSJ reports that Metropoulos bought Pabst back in 2010 for just $250 million, and that his company regularly invests in well-known brands like Vlasic pickles and Mrs. Butterworth’s syrup.

Oasis Beverage chairman Eugene Kashper said of the deal,

“Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism and freedom of expression – all the things that make this country great. The opportunity to work with the company’s treasure trove of iconic brands, some of which I started my career selling, is a dream come true. It will be an honor to work with Pabst’s dedicated employees and partner distributors as we continue to build the business.”

We’re pretty sure Kashper wanted to avoid making PBR fans react like this:

CNN Money asked Oasis the most important question of all: will any of the recipes be changed? Here’s the response they received via e-mail (all emphasis theirs).

“ There are definitely NO plans to change any of the recipes of the brands. The entire team at Pabst including the Head Brewer Greg Deuhs will continue to focus on maintaining the classic recipes and consistent quality of all Pabst products. NO CHANGES WHATSOEVER.”

Ugh, thank god.

[via the New York Times Dealbook]

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