Philippine conglomerate San Miguel is set to combine its food, beer, and liquor businesses into a single unit under share-swap transaction valued at PHP336.35bn ($6.6bn).

The company will merge its beer and spirits businesses into San Miguel Pure Foods Company, which provides poultry, dairy products, processed meat, and animal feed.

With completion of the consolidation, San Miguel Pure Foods Company will be renamed San Miguel Food and Beverage, reported Nikkei Asia Review.

As part of the deal, San Miguel Pure Foods will buy the company’s majority shares in Ginebra San Miguel and San Miguel Brewery.

“San Miguel will subscribe for an additional 4.24 billion common shares in the Philippine conglomerate’s pure foods division after it increases its authorised capital stock to 11.6 billion common shares.”

San Miguel will subscribe for an additional 4.24 billion common shares in the Philippine conglomerate’s pure foods division after it increases its authorised capital stock to 11.6 billion common shares from 2.06 billion.

The San Miguel Pure Foods company will issue the shares to the conglomerate in return of a payment of 7.85 billion common shares in San Miguel Brewery and 216.97 million common shares in Ginebra San Miguel.

Closing of the transaction is based on approval by the Securities and Exchange Commission.

San Miguel Pure Foods’ current public float is 14.6%, while the San Miguel company owns 85.4%, reported Reuters.

In addition, the company currently owns a majority stake in Ginebra San Miguel and a little more than 50% of San Miguel Brewery.