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A Russian beverage company said on Thursday that it was acquiring the Pabst Brewing Company, which makes the Pabst Blue Ribbon beer popular with barflies and hipsters alike and other brands like Colt 45 and Old Milwaukee.

The company did not disclose terms of the transaction, but people briefed on the matter said the price was more than $700 million in cash.

The buyer is Oasis Beverages, a Russian brewer and beverages distributor. Backing Oasis is TSG Consumer Partners, an American private equity firm focused on consumer goods, which will take a minority stake.

“Pabst Blue Ribbon is the quintessential American brand – it represents individualism, egalitarianism and freedom of expression – all the things that make this country great,” Eugene Kashper, the chairman of Oasis Beverages, said in a statement. “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.”

Pabst has been owned by Dean Metropoulos, the consumer products magnate who recently took over the Twinkie line of products from Hostess Brands with private equity firm Apollo.

Mr. Metropoulos acquired Pabst in 2010 for about $250 million, and the sale to Oasis and TSG will be a healthy return on his investment. Since taking Pabst over, Mr. Metropoulos has turned management of the company over to his sons, Evan and Daren, who have served as co-chief executives. They are expected to step down after a sale.

Oasis is the biggest independent brewer in Russia, producing a variety of regional brands. It also distributes some big international brands like Heineken in Russia and Eastern Europe.

TSG, with offices in San Francisco and New York, has owned stakes in food and beverage companies including Popchips, Vitaminwater and Muscle Milk over the years.

The deal comes as the beer industry braces for more deals. On Sunday, Heineken said it rejected an offer from SABMiller that would have been worth $50 billion or more. Though that deal may not get done, the offer has revived speculation about more consolidation in the beer business.