Carlsberg and Heineken have finally agreed to buy Scottish & Newcastle is a deal valuing the brewer at £7.8bn.

After three months of rejected offers, S&N said this morning that the offer, at 800p-a-share, “delivered a fair value for S&N, reflecting its growth prospects”.

As part of the deal, Heineken will take control of S&N's UK and Ireland business, as well as its operations in Portugal, Finland, Belgium, the US and India.

Carlsberg will take S&N's share in their joint Russian venture Baltic Beverage Holdings, as well as control of its French, Greek, Chinese and Vietnamese operations.

“This is a truly transformational transaction for Carlsberg,” said Carlsberg president and CEO Jorgen Buhl Rasmussen. “In a single step we have created the world's fastest growing global brewer.”

Jean-Francois van Boxmeer, chairman and CEO of Heineken, added: This is a significant strategic step for Heineken. It gives us undisputed leadership in Europe and creates significant opportunities in profitable markets to grow the premium Heineken brand.”