US-based brewing company Anheuser-Busch (AB) has signed an agreement to acquire the remaining stake it does not presently own in Craft Brew Alliance (CBA).

AB currently owns a 31.2% stake in CBA and will pay $16.50 for each of the company’s shares.

The agreement builds upon a successful 25-year relationship between the two companies.

CBA CEO Andy Thomas said: “Today’s announcement represents an exciting next step in a long and successful partnership with Anheuser-Busch, whose support for the growth of our business and brands traces back over 25 years.

“By combining our resources, our talented teammates, and dynamic brands, we will look to nurture the growth of CBA’s existing portfolio as we continue investing in innovation to meet the changing needs of today’s beverage consumers, all while delivering certainty of value to our shareholders.”

Over the past three years, AB said to have invested more than $130m in its craft partners, enabling them to expand their production and also help to create nearly 1,000 jobs in their home communities.

Anheuser-Busch CEO Michel Doukeris said: “Anheuser-Busch has a long track record of working with its craft partners to help make the US beer category stronger and more vibrant.

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“Our partnership with CBA goes back many years and we look forward to supporting CBA as they continue to bring great products to beer drinkers across the US.”

Completion of the deal is expected in 2020 and is subject to customary closing conditions, including approval of CBA’s shareholders not affiliated with AB.

Upon its completion, CBA will be part of AB’s Brewers Collective, a group of craft partners throughout the country.

Anheuser-Busch Brewers Collective president Marcelo Michaelis said: “The beer industry in the US is competitive and dynamic, with more choices available to consumers than ever before.

“CBA’s diverse portfolio of regional breweries and innovative lifestyle brands is an excellent complement to our family of craft partners and would continue to help fuel the growth of the craft beer category.”