Molson Coors Brewing Company has completed the previously announced acquisition of SABMiller’s 58% stake in MillerCoors.

Formed in 2008, MillerCoors was a joint venture formed by the two companies and operated in the US and Puerto Rico.

With this transaction, Molson Coors also gains complete ownership of the Miller brand portfolio outside these two countries.

"The deal makes Molson Coors the third largest brewer by enterprise value in the world."

It will also retain the rights of all the current brands in the MillerCoors portfolio for the US and Puerto Rico, including Redd’s, and imported brands such as Peroni, Grolsch and Pilsner Urquell.

Headquartered in Chicago, MillerCoors will continue to retain its name and operate as a separate business unit of Molson Coors.  

The deal makes Molson Coors the third largest brewer by enterprise value in the world.

Molson Coors president and chief executive officer Mark Hunter said: “Today represents a historic moment in the evolution of Molson Coors as we emerge as the world’s third largest brewer by bringing together Molson Coors and MillerCoors into a bigger, better organization.

“As one company with an expanded portfolio of iconic brands and a highly focused leadership team, we intend to leverage our increased scale, resources and combined commercial experience to accelerate our First Choice agenda and deliver long-term shareholder value.”

Hunter also added: “Having successfully operated the MillerCoors joint venture since 2008, we know the business well and have been working to ensure that today represents a seamless transition for our customers, partners, distributors and employees. It will really be business as usual, with an energised team that is playing to win and committed to setting the bar even higher for the future of our business.”

For this deal, Molson Coors was advised by Kirkland & Ellis LLP, Cleary Gottlieb Steen & Hamilton LLP, McCarthy Tétrault, Perkins Coie LLP, and UBS Investment Bank.