Anheuser-Busch will purchase the majority stake in the company, known as Fulton Street Brewery LLC, for $22.5 million, according to an Anheuser-Busch statement.
Craft Brewers Alliance Inc. (CBA), which operates Widmer Brothers, Redhook and Kona breweries and owns the remaining 42 percent of FSB, has agreed to sell its stake to Anheuser-Busch for $16.3 million.
Goose Island founder John Hall will continue as Goose Island chief executive officer.
Hall's son, Greg, reportedly will step down as brewmaster.
Goose Island sold approximately 127,000 barrels of Honkers Ale and 312 Urban Wheat Ale, among other brands, in 2010. An additional $1.3 million will be invested to increase production as early as this summer.