Magic Hat Brewing Company is acquiring a Seattle-based beer maker.
Pyramid Breweries Incorporated has agreed to be acquired by Magic Hat for $2.75 a share in cash.
The deal is valued at just over $25 million, and it’s expected to close by the end of August.
Pyramid sells its beer mostly in the West and plans to maintain offices in Seattle. Pyramid says the companies complement each other geographically.
Pyramid also says there will be important benefits to being part of private company rather than continuing to operate as a public entity.
Pyramid’s shares have declined steadily since going public in 1995.