Boston Beer Co. Inc. SAM, -3.26% , the maker of Samuel Adams-branded beers, has agreed to acquire craft-beer maker Dogfish Head Brewery for about $300 million, the companies announced Thursday afternoon. Dogfish Head will receive 406,000 shares of Boston Beer, based on a share price of $314.60, and $173 million in cash, with most of the cash going to Dogfish Head's investors. In total, that makes a payment of $300.7 million. Dogfish Head co-founders Sam and Mariah Calagione are taking "substantially all" of their payment in the form of stock in Boston Beer, and will become the second largest noninstitutional holders of the stock behind Boston Beer founder Jim Koch. Sam Calagione will join the Boston Beer board, and Dogfish Head's nearly 400 workers will be absorbed into the company. "This merger better positions Dogfish Head and our co-workers to continue growing," Sam Calagione said in a statement. Boston Beer Chief Executive Dave Burwick will lead the combined company. Boston Beer said Dogfish Head expects to collect revenue of $110 million to $120 million in 2019. Boston Beer stock gained 0.1% in after-hours trading Thursday after the merger plan was announced.