Labatt swallows Mike's Hard Lemonade, Okanagan Cider

Labatt Breweries of Canada says it will buy Mike's Hard Lemonade and Okanagan Cider in an agreement with the Mark Anthony Group of Companies.

The deal is valued at $350 million US.

Labatt president Jan Craps says the agreement adds a more diverse lineup of drinks to their growing stable of beverages.

The agreement will also cover Palm Bay pre-mixed drinks and the Turning Point Brewery in British Columbia, which brews Stanley Park beers.

The Mark Anthony Group would retain full ownership of its U.S. operations and its Canadian wine, spirits and beer import and distribution business.

Labatt has a portfolio of more than 60 beers made in six breweries in Canada.

The sale is expected to close in the coming months.