November 16, 2015 / 2:16 PM / 2 years ago

Constellation Brands to buy brewer Ballast Point for $1 bln

Nov 16 (Reuters) - Brewer Constellation Brands Inc said it will buy San Diego-based craft beer maker Ballast Point Brewing & Spirits for about $1 billion to compete in the fast-growing craft beer market.

Ballast, whose brands include Sculpin IPA and Grapefruit Sculpin IPA, is expected to have net sales of about $115 million this year. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza)

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