Anheuser-Busch to buy remaining stake in group that owns Seattle's Redhook Brewery
Anheuser-Busch InBev (NYSE: BUD) is set to take a larger gulp of the craft beer industry, having agreed to acquire the shares in a Portland-based Craft Brew Alliance (Nasdaq: BREW), that it doesn't already own.
Anheuser-Busch InBev owns 31.2 percent of Craft Brew Alliance and agreed to pay $16.50 per share in cash for the remaining shares, the companies said Monday. The deal — which Reuters valued at $321 million — is slated to close next year, pending approval by regulators and a majority of CBA shareholders not affiliated with A-B, officials said.
Most of CBA's brands, which include Seattle's Redhook Brewery, Portland's Widmer Brothers, Hawaii's Kona Brewing and North Carolina's Appalachian Mountain Brewery, already are distributed through A-B's independent wholesaler network. The companies have a commercial agreement, including distribution and brewing agreements, until 2028.
“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,” alliance CEO Andy Thomas said in a statement. “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.”
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