Anheuser-Busch Inbev (BUD) - Get Report announced that it purchased North Carolina-based craft beer brewer Wicked Weed for an undisclosed amount. Wicked Weed has created nearly 600 different beers since it was established in 2012.
The brand will join Stella Artois, Devil's Backbone, Shock Top, Blue Point and other brands in Anheuser-Busch's "high end" business unit, which was founded in 2015.
"These guys did not buy us to squash us and blow all of our brands out and change who we are.They bought us because they believe in who we are, and I think consumers are going to find that in time, as well," founder Walt Dickinson said, according to the Asheville Citizen-Times.
The company reported that it had increased first quarter net profits to $1.41 billion from $132 million a year ago after it integrated former rival and acquisition SABMiller into the fold. Revenue for the quarter rose 35% year over year to $12.92 billion.
The company reported core profit growth of 5.8% year over year, ahead of Wall Street's expectations of 3.3% growth in the first quarter.
Anheuser-Busch shares were up 5.45% to $119.15 per share in afternoon trading Thursday.
Read More Trending Articles:
- Here Are Some Companies Apple Might Acquire With its Huge $250 Billion Cash Stockpile
- No Gilead Sciences M&A Yet, but CEO Offers Hint of Deals to Come
- A Neurotrope Stock Promotion Scheme Is Underway, but Who's Paying for It?
- Tesla's Explosive Stock Price Now Deserves to Crash Hard
- Disney Continues to Drop: Must-See Chart