AB InBev has bolstered its presence in Central America after winning the race for Caribbean brewer Cervecería Nacional Dominicana.

The Budweiser and Stella Artois maker saw off competition from Heineken to take control of CND via its Brazilian arm, AmBev. In return for a $1bn (£627m) investment, AmBev takes a 42% stake in the Dominican business.

It is also buying the 9% stake in CND held by Heineken for $237m (£148.5m). Combined, the deals give AmBev 51% of the target’s shares and overall control.

CND’s main shareholder, the Leon family, will hang on to 42% of the business, with other investors taking up the remaining shares.