A Japanese company is acquiring Beam, the maker of Jim Beam and Maker’s Mark bourbons, for over $13 billion.
Suntory Holdings Ltd., which makes other liquors like Yamazaki and Hakushu and distributes Beam products in Japan, is acquiring Beam in a move that caused Beam stock to rise 26% in pre-market trading Monday morning, the Associated Press reports. The combined company is expected to sell about $4.3 billion worth of alcohol per year. Beam’s CEO and current management in Deerfield, Ill., will continue to run the business in the U.S.
The boards of both companies unanimously approved the acquisition, which is set to take effect in the second quarter of this year.