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Anchor Brewing, a century-old San Francisco brewer that helped pioneer the craft-beer movement, will be acquired by Sapporo Holdings, part of a push by Japanese beverage companies to seek growth on U.S. soil.

The business, best known for Anchor Steam beer, fetched about $85 million in the transaction, which is slated to close by the end of the month.

The deal reflects mounting pressure by craft brewers to find deep-pocketed partners as they face an increasingly crowded market. For Sapporo, the challenge is coping with a slowdown in its home country. Beer consumption in Japan has been on a steady decline in the last decade as the number of young people reaching drinking age shrinks.

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