Labatt Purchasing Toronto’s Mill Street Brewery

Canadian beer giant Labatt Breweries is buying Toronto-based Mill Street Brewery for an undisclosed amount as it looks to gain a bigger stake in the burgeoning craft beer market.

The acquisition of the privately held Mill Street brand will help Labatt expand the craft label into new markets, including Quebec, executives told The Canadian Press on Friday ahead of an official announcement.

"We think that this partnership will really help expand awareness of craft across the country," said Charlie Angelakos, vice president of corporate affairs at Labatt.