The North American subsidiary of Anheuser-Busch InBev, maker of Budweiser and Stella Artois, is moving into the craft beer business, announcing Wednesday it will buy Blue Point Brewing Co., a N.Y. craft brewery.
Anheuser-Busch, based in St. Louis, did not disclose terms of the deal, but the move is the latest in efforts to expand AB InBev's footprint.
AB InBev, based in Belgium, last month said it will buy back Oriental Brewery, a South Korean company, for $5.8 billion. It had sold the company nearly five years ago to a private equity firm.
Last year, after negotiating with regulators, it merged with Grupo Modelo of Mexico, which makes the popular Corona Extra and Modelo beers.
Blue Point first began brewing craft beers 15 years ago in Patchogue, N.Y., and has become popular on the East Coast.
"With Anheuser-Busch's strong beer credentials, we share a commitment to offering high-quality beers that excite consumers. Blue Point brands have a strong following and even more potential," said Luiz Edmond, Anheuser-Busch's chief executive.
Blue Point sold 60,000 barrels last year, half of which was from its flagship brand, Toasted Lager, the company said in a statement.
The deal is expected to close early in the second quarter of 2014.