The beer giants of the world are coming for the little guys. Heineken bought a 50 percent stake in leading craft brewer Lagunitas on Tuesday, Reuters reports. The deal's details are not public, but The Santa Rosa Press-Democrat reports the nation's sixth-largest craft brewery was likely valued at $1 billion.
Lagunitas Brewing Company founder Tony Magee hailed the deal as "a profound victory for American craft," and an effort to introduce more people globally to his beer.
The deal, expected to close early in the fourth quarter, will put three Heineken seats on the brewery's board of six, but Magee will still own and operate the Petaluma, California, company.
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"We're not working for Heineken, we are working with," Magee said, which beer drinkers can hopefully take to mean his company's flagship IPA won't start tasting like a Heineken.
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