AB InBev has taken full control of Corona brewer Grupo Modelo in a $20.1bn deal.

As part of the deal, AB InBev, which already held a more than 50% stake in Grupo Modelo, will pay $9.15 a share in cash.

The combined company will produce 400 million hectolitres of beer by volume a year, with sales of $47bn.

“Grupo Modelo has been one of our most important partners for more than 20 years and we are very pleased to evolve our long and successful relationship into this combination,” said Carlos Brito, CEO of AB InBev.

“There is tremendous opportunity from combining two leading brand portfolios and further expanding Grupo Modelo’s brands worldwide through AB InBev’s extensive global distribution network.”