FAIRFAX, CA - MAY 02:  Cans of Coors  beer are displayed on a shelf at a liquor store on May 2, 2018 in Fairfax, California. Molson Coors Brewing Co. reported first quarter earnings that fell short of analyst expectations of $2.44 billion with revenue of $2.33 billion.  (Photo by Justin Sullivan/Getty Images)
Justin Sullivan/Getty Images North America/Getty Images
FAIRFAX, CA - MAY 02: Cans of Coors beer are displayed on a shelf at a liquor store on May 2, 2018 in Fairfax, California. Molson Coors Brewing Co. reported first quarter earnings that fell short of analyst expectations of $2.44 billion with revenue of $2.33 billion. (Photo by Justin Sullivan/Getty Images)
Now playing
00:49
Why Americans are ditching American beer
Now playing
04:04
Subway CEO on menu changes: The one thing we did not touch is our tuna
TikTok/theritzcrackersofficial
Now playing
02:03
TikTok users in frenzy over why Ritz crackers have scalloped edges
Carls Jr.
Now playing
01:08
Carl's Jr. thinks its chicken sandwich is so hot, they put it on OnlyFans
Will Cutbill
Now playing
01:46
Good luck breaking this deceptively tough world record
CNN
Now playing
02:45
Cities debate future of outdoor dining post-pandemic
Now playing
03:00
Stew Leonard's CEO: Meat prices are at record high levels
Now playing
01:21
BTS and McDonald's launch exclusive meal with two new dipping sauces
Now playing
04:20
Oatly CEO: IPO will help us capture demand
A Now Hiring banner sign is viewed outside a Chipotle restaurant during a new coronavirus pandemic, Tuesday, March 2, 2021, in Orlando, Fla. (Phelan M. Ebenhack via AP)
Phelan M. Ebenhack/AP
A Now Hiring banner sign is viewed outside a Chipotle restaurant during a new coronavirus pandemic, Tuesday, March 2, 2021, in Orlando, Fla. (Phelan M. Ebenhack via AP)
Now playing
02:39
Chipotle raises its average pay wage to $15 per hour
Courtesy IHOP
Now playing
00:54
IHOP debuts new restaurant called Flip'd
Twitter | @brady9dream
Now playing
02:10
Pet owners pitch their pups to be dog brew's 'Chief Tasting Officer'
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses.  (Photo by Andrew Harrer/Bloomberg via Getty Images)
Andrew Harrer/Bloomberg/Getty Images
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses. (Photo by Andrew Harrer/Bloomberg via Getty Images)
Now playing
01:53
Restaurants face a nationwide ketchup packet shortage
Taco Bell
Now playing
01:31
Chicken sandwiches are big business. See them all
CNN
Now playing
01:32
These are the racist origins of Aunt Jemima and Uncle Ben's
Now playing
01:16
See Burger King's retro new logo and uniforms
New York CNN Business —  

One of the biggest US craft brewing companies is bringing another beer heavyweight into its fold.

The Boston Beer Company (SAM) — makers of the Samuel Adams beer brand and the second largest craft brewer in the United States — and Delaware-based brewer Dogfish Head Craft Brewery said Thursday that they plan to merge the companies in a deal valued at more than $300 million.

Dogfish Head founder Sam Calagione and his family will receive around 406,000 shares of Boston Beer Company, valued at $314.60 a share. Additionally, Dogfish Head shareholders are set to receive $173 million in cash.

Dave Burwick, the CEO of Boston Beer Company, will lead the merged company.

“United, we will have the highest quality, most distinct, high-end portfolio, from both a price-point and product perspective with the top-ranked sales organization to bring it to market,” Burwick said. “We expect that we’ll see more consolidation in the craft industry over time, and we’ll be in the best position to take advantage of those changes.”

Dogfish Head is the 13th largest craft brewer in the United States as of 2018, according to the industry group Brewers Association.

Boston Beer Company is in a good position to make the acquisition. It reported a net revenue of $251.7 million in the first quarter of 2019 — up 32.1% from the same period of 2018.

The consolidation of the two craft brewing companies comes in the wake of other high profile purchases in the beer industry. For instance, Ballast Point Brewing & Spirits sold to mega beer company Constellation Brands in 2015 for $1 billion dollars.