In recent years hipsters, good old boys and your regular Joes have enjoyed the resurgence of the relatively inexpensive, watery, American taste of Pabst Blue Ribbon. While the beer will no doubt continue to taste the same (and depending on your locale cost just a few bucks), it will be decidedly less American now that the beer’s parent company has been purchased by a Russian beverage company.

The New York Times DealBook reports that Russian brewer and beverage distributor, Oasis Beverages, bought Pabst Brewing Company, maker of PBR, Colt 45, Old Milwaukee and Schlitz.

Oasis’ purchase is backed by American private equity firm, TSG Consumer Partners, which will take a minority stake in the brand.

Officials say the company would continue to be based out of Los Angeles.

While the terms of the transaction weren’t disclosed, the Times reports a person close to the situation said the price tag was more than $700 million.

Pabst was previously owned by Dan Metropoulos, who resurrected the Twinkie line from Hostess last year.

Oasis is the largest independent brewer in Russia, producing a variety of regional brands and distributing international brands like Heineken.

“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, says in a statement.

Well, at least officials with Oasis recognize the power that is PBR.

Pabst Is Sold to Russian Beverage Company [New York Times DealBook]