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Japan’s Sapporo buys craft-beer pioneer Anchor Brewing for $85 million

San Francisco’s Anchor Brewing, which bills itself as the oldest craft brewer in the U.S., will be sold to Japan’s Sapporo Holdings Ltd. in a deal worth about $85 million.

The 121-year-old brewery is widely credited with sparking the craft beer movement in the U.S., and is the latest independent brewer to be snapped up by a much larger beer company in recent years. In May, Heineken N.V. HEIA, +0.16% purchased full control of Petaluma, Calif.,-based Lagunitas Brewing Co., and Anheuser Busch InBev BUD, +0.87% bought North Carolina’s Wicked Weed Brewing Co.

The purchase price is a fraction of recent deals for California craft breweries.

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