(Bloomberg) -- Tilray Brands Inc. is nearing an agreement to acquire some of the drinks brands of brewer Molson Coors Beverage Co., people familiar with the matter said.
Leamington, Ontario-based Tilray is in advanced talks to acquire the Revolver, Atwater, Hop Valley and Terrapin brands, according to the people.
An agreement could be announced as soon as Tuesday, the people said, asking not to be identified discussing confidential information. A representative for Tilray declined to comment, while a spokesperson for Molson Coors couldn’t immediately be reached for comment.
A deal would further Tilray’s diversification from cannabis. The company acquired eight beer and beverage brands from Anheuser-Busch InBev NV in August 2023, building on purchases of other craft beers and making it the fifth-largest craft brewer in the U.S.
Shares in Chicago-based Molson Coors have fallen 14% this year, giving the company a market value of about US$11 billion. In April, analysts at Citigroup Inc. turned bearish on the beermaker, expecting sales trends will weaken as benefits from last year’s Bud Light boycott fade.
With assistance from Valida Pau
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