Belgium-based beer giant Anheuser-Busch has agreed to acquire London-listed SABMiller for approximately £71bn.

Earlier this year, AB InBev proposed two offers, the first at £38 per share and the second at £40 per share in cash, which were rejected by SABMiller.

The beverage maker later revised its proposal to pay £44 a share in cash as well as offered a partial share alternative option for 41% of the stake owned by two largest shareholders of SABMiller, Altria and BevCo.

AB InBev chief executive officer Carlos Brito said: "We are excited about our agreement on the terms of a recommended acquisition of SABMiller to build the world’s first truly global brewer.

"Our joint portfolio of complementary global and local brands would provide more choices for beer drinkers in new and existing markets around the world."

The transaction would strengthen AB InBev’s position in key emerging regions with strong growth prospects such as Asia, Central and South America, and Africa.

The combined group would have operations in virtually every major beer market, and provide more choices for beer drinkers, including global and local brands, in new and existing markets around the world.

Subject to approval from regulators and shareholders, the deal is expected to be completed in mid 2016.

Anheuser-Busch InBev has brands such as Budweiser, Corona and Stella Artois, Beck’s, Hoegaarden and Leffe in its products portfolio.

SABMiller, the world’s second-largest brewer with a global market share of nearly 10% has a wide range of products under its label including Fosters, Pilsner Urquell, Grolsch, Miller, Coors, and Peroni.