REHOBOTH BEACH, De. (WJZ) — The Boston Beer Company, Inc., the parent company of Sam Adams, and Dogfish Head Brewery announced Thursday that the companies are merging.

The $300 million merger agreement will bring together the two craft breweries and its co-founders.

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The new entity possesses more than half a century of Craft brewing expertise.

“We believe we are creating the most dynamic and diverse American-owned platform for Craft beer and beyond,” said Jim Koch, founder and Chairman of The Boston Beer Company.

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The combined company will maintain its status as an independent craft brewery. Dogfish Head Brewery is based out of Milton, Delaware.

Dogfish Head founder Sam Calagione and his family will receive about 406,000 shares of Boston Beer stock valued at about $128 million, based on a share price of $314.60. Dogfish Head shareholders also will receive $173 million in cash, and Calagione will join the board of Boston Beer.

Some Associated Press reporting was used in this article. 

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