Japanese beer and spirits producer Asahi Group has received approval from the Australian Foreign Investment Review Board (FIRB) to acquire Carlton & United Breweries (CUB) for A$16bn ($11.3bn).

The approval is said to be the final hurdle for Asahi to acquire 100% shares of CUB from Anheuser-Busch InBev (AB InBev).

As per the deal, which was first announced in July last year, Asahi will acquire all the rights to commercialise the portfolio of AB InBev’s global and international brands in Australia.

At the time of signing the deal, AB InBev CEO Carlos Brito said: “We continue to see great potential for our business in APAC and the region remains a growth engine within our company.

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“With our unparalleled portfolio of brands, strong commercial plans and talented people, we are uniquely positioned to capture opportunities for growth across the APAC region.”

AB InBev further noted that the proceeds from the divestiture of its Australian business would be used to pay down its debts. The company also intends to fast-track its expansion into other growing markets in the APAC region and across the globe.

Last month, the Australian Competition and Consumer Commission (ACCC) conditionally approved the proposal by Asahi to acquire CUB.

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The deal was dependent on Asahi selling two of its beer brands and three cider brands.

Asahi’s cider brands include Strongbow, Bonamy’s and Little Green while the beer brands include Stella Artois and Beck’s.

The transaction will conclude next month in line with the terms of the agreement between the two companies.