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Last Updated: Tuesday, 19 July, 2005, 06:33 GMT 07:33 UK
SABMiller to buy Colombian brewer
Miller Lite logo
Miller Lite is one of SABMiller's best known brands
Brewing giant SABMiller is to buy Colombian brewer Grupo Empresarial Bavaria in a $7.8bn (4.5bn) deal.

The world's second-largest brewer, known for brands such as Miller Lite, will take a 71.8% stake in Bavaria.

The deal is set to give SABMiller a strong position in the South American market, where Bavaria is the second largest brewer.

Bavaria's brands include Aguila, Cristal and Pilsener, and last year its sales were more than $1.9bn.

The company is controlled by billionaire Julio Santo Domingo and his family.

The total deal includes $4.8bn of equity, plus debt and minority interests.

Rival brewer Heineken of the Netherlands was last month competing for the Colombian firm, but SABMiller is reported to have offered the Santo Domingo family better terms.

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