Anheuser Busch InBev is buying SABMiller for $106 billion, according to The Associated Press.
The acquisition combines two of the largest beer brewers in the world, bringing together hundreds of brands ranging from Peroni to Budweiser to Miller High Life. The new company will control about a third of the global beer market.
In recent years, craft breweries have taken a chunk out of the market, which likely played a role in the deal. Craft breweries now account for about 10 percent of the market, The Associated Press reported.
The deal requires regulatory approval before it is finalized.