Surrey have also retained eight players on new two-year contracts - batsmen Walters, Matthew Spriegel, Arun Harinath and Michael Brown, bowlers Stuart Meaker, Simon King and Tim Linley, and wicketkeeper Gary Wilson.
"We are impressed by the business and we believe that by bringing the two sets of assets and people together we can create one even better company going forward, " said Greene King chief executive Tim Bridge.