Constellation Brands is buying brewer Ballast Point for $1 billion. Fred Katayama reports.
Constellation Brands is getting into the hot market for craft beer. The brewer of Corona and Modelo is shelling out $1 billion for Ballast Point Brewing & Spirits. The San Diego-based company's brands include Sculpin IPA and Grapefruit Sculpin IPA. Consumers have been shifting to craft brews made by independent players amid falling beer volumes in North America and Western Europe. Constellation says the deal will close at the end of this year and add to its earnings in 2017. Get set for a shake up of the global beer market. Anheuser-Busch InBev, the world's largest brewer, has made a $100 billion-plus offer for archrival SABMiller.