Kroenke wants full ownership and believes through his company, the club can prosper significantly, given their proposed strategy and ambitions.
The announcement of their proposal was made to the London Stock Exchange on Tuesday.
Notably, Kroenke had rejected Usmanov's proposal of a complete £1bn buy-out past year.
Usmanov, who has made several attempts to buy out his rival in the past, will receive £550million for his stake in the club.
"Kroenke's actions will neuter their voice and involvement".
Coming at a crucial time for Arsenal as they start life without manager Arsene Wenger for the first time in 22 years, the deal cements the position of the USA sports boss among an elite band of super-rich soccer club owners in England.
Arsenal last won the Premier League title in 2004.
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Analysis - what does single ownership mean?
Ian Wright has hit out at Stan Kroenke over the American businessman's plan to take full ownership of Arsenal.
The only thing that concerns me is it's going to be a leverage buy-out, so he's going to have to borrow to be able to do it. It's like you or I buying a house, taking out a mortgage, if you maintain those payments against those loans or however you borrowed then it is not a problem.
What are the details of the offer?
Wright wrote: "Incredibly sad day for so many of our fan shareholders that that no longer own a part of this club Imagine if this wasn't only about but about the club, the community & the fans - all this new enthusiasm we are witnessing with Unai wouldn't feel like such a waste".
"This news marks a terrible day for Arsenal Football Club", said the AST's official statement.
Kroenke will pay £29,419.64 in cash per Arsenal share to take complete charge.
Despite his significant holding, Usmanov did not have a seat on Arsenal's board.
Aquiring Usmanov's shares would move KSE past the 90% threshold whereby they could compulsorily be able to purchase the remaining 1,779 shares, which are valued at £52.3m.
Kroenke, who largely avoids the media spotlight, owns a string of U.S. sports clubs including the U.S. Denver Nuggets basketball team, the Los Angeles Rams American Football team and the Colorado Rapids of Major League Soccer.