Anheuser-Busch InBev, the world’s biggest brewer, is to buy the half of Mexico’s Grupo Modelo it does not already own.
The price is almost 16 billion euros, all in cash.
Modelo, whose best known beer is Corona, is Mexico’s biggest brewer with more than half the market.
Corona is the biggest imported beer in the lucrative US market.
This is latest in a string of deals by big brewers looking for growth in emerging markets.
AB InBev is attracted to Modelo by a Mexican beer market that is growing at about three percent per year and cost savings that the company said would be at least 470 million euros a year.