Independent Brewers United, owner of Magic Hat Brewing Company, has completed the takeover of Pyramid Breweries.

Independent Brewers United (IBU) said yesterday (4 August) that it paid US$2.75 per share to complete its tender offer for all of the outstanding common shares in Pyramid.

The deal will see Pyramid, a producer of speciality beers in the US with breweries in Berkeley, California and Portland, Oregon, become a fully-owned IBU subsidiary.

The two breweries initially anounced they had agreed to merge in April. Pyramid said that intends to de-list from the Nasdaq stock exchange.