SAN FRANCISCO (CBS SF) — The city’s iconic Anchor Steam Brewery has been acquired by Japanese brewer Sapporo Holdings Limited, the Tokyo-based company announced on Thursday.

In announcing the acquisition, Sapporo said in a news release that purchase has been made to “accelerate its growth in the U.S.”

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Keith Greggor, Anchor’s president and CEO, told the San Francisco Chronicle the move was a year in the making and was only agreed to after talking to other domestic and international brewers about possible fits.

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Anchor Steam said its beer would continue to be brewed at its Potrero Hill headquarters using the same recipes. The company would also open a new public taproom on De Haro Street, across the street from its current brewery in San Francisco.

“When you take a brand like Anchor, its very soul exists in the heart of San Francisco,” Greggor told the newspaper. “Of all the people we spoke to, (Sapporo) respected Anchor the most, what it stood for and the importance of its connection with San Francisco.”

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Established in 1896, Anchor Steam is one of nation’s oldest craft breweries.