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Anchor Brewing has been a San Francisco staple since 1896, surviving earthquakes, prohibition and tech booms and busts. But on Thursday, the brewer announced it will be a San Francisco company no longer after a sale to Japan’s Sapporo Holdings Ltd.

Exact terms of the deal were not disclosed, but a spokesman for Sapporo said the price was approximately $85 million.

The deal marks the latest California brewery to be acquired by a larger beer maker. It comes amid rising competition among craft breweries — a sector of the beer industry that Anchor has been credited, by some, for helping inspire.

“We have been evaluating the future for some time and recognizing the challenges in craft breweries and the number of breweries that have come to the market, we felt we needed to have a stronger partner to achieve our long-term goals,” said Anchor co-owner Keith Greggor.

Read the full story on LATimes.com.

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