One of the most iconic products of the United States, which had been produced since 1844, has defected. It has been announced on Friday that Pabst Blue Ribbon, the beer that has been a favorite of young beer aficionados, is being sold to Oasis Beverages (a Russian company).

The amount of the sale was not disclosed. According to Daily News, consumers of the well-loved beer, which carries a traditional red, white and blue label, were aghast at the news and reactions were instantaneous. Patriotic patrons said they would boycott the beer. Some were even thinking of making some financial gains from the sale, thinking that since many will be shifting to another brand, such as Labatt, those stocks will go up.

While there is some worry about the potential loss of jobs in its American production workers, Oasis announced that the base of operations of Pabst Blue Ribbon will remain in the United States.

Oasis Beverages partnered with TSC Consumer Partners to make the purchase not only of Pabst Blue Ribbon, but also its parent company Pabst Brewing Co. along with its other beer products. The consumer products company TSC Consumer Partners will have a minority stake in the beer manufacturing company.

Beverage industry analysts are estimating that the sale could be close to $750 million, which was triple the estimated amount C. Dean Metropoulos & Co. paid in 2010 when they acquired Pabst Brewing, USA Today reports. As a craft beer, Pabst Blue Ribbon has become a favorite among hipsters, its main consumers. Craft beers have been the fastest-growing sector in the beer industry of late and has a 7.8 percent share in the U.S. market.

Eugene Kashper, the Chairman of Oasis Beverages and would-be CEO of Pabst, released a statement saying that Pabst Blue Ribbon is the "quintessential American brand -- it represents individualism, egalitarianism and freedom of expression -- all the things that make this country great."