Amsterdam-based Heineken NV, the world’s third largest beer brewer, received approval to acquire the remaining interest in its Asian business for S$5.6 billion ($4.6 billion).

Fraser & Neave (FNH) Ltd. agreed to sell its stake in Asia Pacific Breweries Ltd. (APB), maker of Tiger beer, granting Heineken a 95.3 percent ownership in the Singapore-based target and an even greater presence in the emerging Asian market.

Assets in the deal include some 30 breweries spread out across various Asian countries, including Cambodia, China, Indonesia, Malaysia, Papua New Guinea, Singapore, Thailand and Vietnam.

The transaction, should it receive regulatory approval, is expected to close in November.

For more coverage on brewers—Carlsberg AS, Anheuser-Busch InBev NV and SABMiller plc—and their cross-border M&A initiatives, see “Heineken Looks to Buy Asia Pacific,” “Carlsberg Frothy in China” and “The Buyside: AB InBev/Modelo Deal Amplifies Consolidation in Emerging Markets." And for a look at which local craft breweries are expected to be acquisition targets, read "All You Can Drink."

Food and beverage industry