Monster Beverage announced on Thursday that it has agreed to buy CANarchy Craft Brewery Collective, a maker of craft beer and hard seltzer, for $330 million in cash, marking the company's debut into the alcoholic drinks sector.

Monster claimed the transaction will expand its beverage portfolio to include alcoholic brands Cigar City, Oskar Blues, Deep Ellum, Perrin Brewing, Squatters, and Wasatch, but not CANarchy's restaurants.Monster Beverage (MNST) Considers Deal With Constellation (STZ) - Bloomberg

The transaction, according to Monster co-CEO Hilton Schlosberg, is a "springboard" for the company into the alcoholic beverage industry.

"The acquisition will provide us with a fully operational infrastructure, including employees, distribution, and licensing, as well as knowledge in alcoholic beverage development and manufacturing in this area."

The sale is anticipated to finalize in the first quarter of this year, with CANarchy operating independently under the leadership of its CEO, Tony Short.