Pabst Brewing Co., the closely held 170-year-old American brewer, is being sold to eastern European drinks company Oasis Beverages.

Private-equity firm TSG Consumer Partners LLC will acquire a minority stake in Pabst as part of the transaction, the companies said yesterday in a statement. While the deal’s terms weren’t officially disclosed, the sale price was between $700 million and $750 million, according to a person familiar with the situation.

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