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Belgian brewing giant AB InBev has reached a final agreement with SABMiller over the terms of its takeover, announcing Wednesday that it will pay £44 ($66.70) per share for the London-listed beverage company valuing it at $105 billion.
The deal, expected to be completed next year, combines the world's two biggest brewers and creates a company that makes almost a third of the world's beer.
As part of the deal, which is expected to be completed in the second half of 2016, AB InBev will not own SABMiller's U.S. business, selling off SABMiller's MillerCoors division and the Miller Global Brand Business to Molson Coors. The transaction is expected to be worth some $12 billion.
A combined AB Inbev/SABMiller would have controlled close to 70 percent of the U.S. beer market, according to Mintel — so the sale of the U.S. division was seen as a sop to competition authorities.
In a statement, AB InBev said the deal "would create a truly global brewer, drawing on a similar heritage and shared passion for brewing and commitment to quality."
The two companies own hundreds of brands, including Budweiser, Corona, Grolsch and Stella Artois. AB InBev expects to cut costs by $1.4 billion after the takeover.
News of the deal followed weeks of negotiations and rejected approaches between the two brewing giants. In October, the companies agreed a "pact in principle" to go ahead with the deal on the basis of a £44-per-share price.
Following the announcement, SABMIller stock jumped 2.6 percent and AB InBev's shares were up 1 percent.
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— The Associated Press contributed to this story.