Constellation Brands to buy craft beer brewer for $1B

Constellation Brands Inc. agreed to buy Ballast Point Brewing & Spirits for about $1 billion to enter the fast-growing craft beer market.

Constellation is known for its high-margin Mexican brews, including Corona and Modelo.

San Diego, Calif.-based Ballast Point is on track for net sales of $115 million this year. It makes 40 types of craft beer, including Grapefruit Sculpin IPA.

Read more from Reuters.