Craft Brew Alliance, Inc. and Anheuser-Busch announced an update to their proposed expanded partnership first announced last November in which A-B agreed to purchase the remaining CBA shares it does not already own. To expedite the regulatory review process and alleviate potential regulatory concerns regarding the proposed expanded partnership, CBA and A-B have agreed to the purchase of CBA’s Kona Brewing operations in Hawaii by PV Brewing Partners (“PV Brewing”), a team of investors with decades of combined beer industry and business growth expertise. The arrangement with PV Brewing is contingent on the closing of the proposed expanded partnership between CBA and A-B, at which point PV Brewing will purchase CBA’s Kona Brewing operations in Hawaii, including the new brewery and two brewpubs. The arrangement does not include CBA’s Kona business outside of Hawaii. CBA and A-B continue to work collaboratively with regulators who are reviewing the proposed expanded partnership. In Hawaii, the opening of a new 30,000-square-foot Kona brewery and canning operation this year is the next step for the vibrant and local lifestyle brand. CBA and A-B continue to expect the closing of the expanded partnership to occur no later than the end of 2020, after receipt of required regulatory clearance and satisfaction of other customary conditions.