By Michael Dabaie

Craft Brew Alliance Inc. (BREW) shares were up more than double, to $16.22, after Anheuser-Busch InBev SA (BUD) agreed to buy the remaining CBA shares it doesn't own for $16.50 per share cash.

Anheuser-Busch currently owns a 31.2% stake in CBA. The majority of Craft Brew Alliance brands are already distributed Anheuser-Busch's independent wholesalers network under an existing commercial agreement.

The transaction is expected to close in 2020.

Anheuser-Busch shares were up 0.8%, to $79.34, in early trading.

Craft Brew's brands include Cisco Brewers, Redhook Brewery and Wynwood Brewing Co.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

November 12, 2019 10:17 ET (15:17 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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