Anheuser-Busch InBev's complicated purchase of SABMiller, which will create a beer behemoth that accounts for 30 percent of the global market, is nearing completion. On Monday, the merging companies revealed a final timeline that calls for the deal being completed on October 10, reports Reuters.
The announcement comes less than a week after AB InBev increased its offer for SABMiller, from $58 to $60 per share. The move was meant to ease nervous investors worried that the sharply falling British pound would have an impact on original terms of the deal. SABMiller's board quickly approved the higher offer.
While there are steps remaining to be completed before AB InBev officially takes over SAB Miller — most notably, approval from a British court in a hearing scheduled for August 22 — the two sides have been making big strides lately. Last month, the United States Justice Department granted its approval, following AB InBev's promise not to interfere with America's craft beer industry. China was the most recent nation to give the deal its blessing.
The mega-merger was first announced in November 2015, and AB InBev has had to agree to sell off several SABMiller assets around the world to avoid the creation of a global monopoly. In the United States, that means brews such as Miller Lite will be sold under the competing MillerCoors label.