World’s largest brewer Anheuser-Busch Inbev has said it will acquire the rest of the shares in US craft beer company Craft Brew Alliance for $16.50 in cash. The deal values the Portland-based firm at $321 million.

AB Inbev currently owns 31.2% stake in Craft Brew. The transaction is subject to customary closing conditions. The acquisition needs regulatory approval as well as shareholder clearance, and is expected to close next year.

“Our partnership with [Craft Brew] goes back many years and we look forward to supporting [Craft Brew] as they continue to bring great products to beer drinkers across the US,” AB Inbev CEO Michel Doukeris said.

Shares of Craft Brew Alliance were up 122.6% to $16.32 on the news.

In August, AB Inbev said it would not buy out Craft Brew. However, Craft Brew’s portfolio of regional brands will help boost growth in craft beer segment for the giant, it said.

Last month, AB Inbev reported lower-than-expected profit for the third quarter of the year. The brewer also said that it anticipates moderate profit growth. It added that the period was “challenging” and are a result of anticipated factors.

The company’s core profit remained unchanged in the quarter at $5.29 billion, below expectations for a 3% increase. Additionally, earnings per share stood at $1.51 apiece, up from $0.49 in 2018.