Kona Brewing Co. is slated to become wholly owned by beer company behemoth Anheuser-Busch under a deal announced today.

A-B, which owns 31.2% of Kona Brewing’s Portland, Ore.-based parent Craft Brew Alliance, has agreed to buy the remaining 68.8% of stock for $16.50 per share in cash.

The deal is touted by both companies as something that will allow continued investment and growth of Craft Brew Alliance brands that include Kona Brewing and seven other beer and cider makers.

Kona Brewing, founded in 1994 on Hawaii island, was sold to Craft Brew in 2010 for $14 million.

The new transaction is subject to approval by a majority of Craft Brew shareholders and is expected to be completed next year.