Pyramid Breweries Inc., Seattle, and Magic Hat Brewing Co., Burlington, Vt., announced they have signed a letter of intent for Magic Hat to acquire Pyramid.
“The combination of these two well-established, high-profile craft breweries will be very complementary given our respective brand portfolios and the geographies in which we predominantly operate,” said Pyramid Chief Executive Officer Scott Barnum in a statement. “Additionally, there will be a number of important benefits for Pyramid to be part of a private company vs. continuing to operate as a stand-alone public entity. This consolidation makes both good strategic and financial sense and is well timed, particularly as the beer industry’s competitive dynamics continue to intensify.”
If the merger is completed, Pyramid will continue to have offices in Seattle, he added. The proposed transaction is subject to the negotiation and execution of a definitive merger agreement, the companies said in the statement. Read more on the proposed merger.
