Anheuser-Busch InBev announced Wednesday it reached a final agreement to purchase SABMiller for approximately $107.9 billion, creating a behemoth combining the world’s two largest brewing companies that will control nearly one third of the world’s beer supply.

AB InBev floated the idea it was targeting SABMiller for a possible takeover in September. The companies reached an agreement in principle on Oct. 13, though the deadline for a formal offer was extended twice.

As part of the deal, SABMiller agreed to sell off its 58 percent economic interest and 50 percent voting interest in MillerCoors for $12 billion to Molson Coors. Under the agreement, Molson Coors will acquire full ownership of the Miller brand portfolio outside the US and retain the rights to all brands currently in the MillerCoors portfolio for the US. The deal also includes the rights to the Miller brand name. In all, the transaction is one AB InBev and SABMiller hope will help secure regulatory approval in the US, proving it doesn’t have a monopoly on the nation's beer market.

With the addition of SABMiller, AB InBev has its sights set on growing business in Asia and Africa, particularly the latter where the company seeks to take advantage of the existing SABMiller business and a growing middle class on the continent.