Guinness brewer Diageo (LON:DGE) is buying more of a Guinness business in Africa as part of a £515mln asset swap deal with Heineken.
Diageo is buying Heineken's 20% stake in Guinness Ghana Breweries Limited (GGBL), which will increase Diageo's shareholding in GGBL to 72.42%.
The group is also selling its 57.87% holding in Jamaican brewer Desnoes & Geddes (D&G) to Heineken, lifting the Dutch brewer's stake in D&G to 73.32%.
And Diageo is offloading its 49.99% stake in GAPL, which owns 51% of Guinness Anchor Berhad (GAB) in Malaysia, to Heineken.
GAPL is the licensee for Guinness and ABC Stout distribution for the Singapore market.
Diageo chief executive Ivan Menezes said: "I'm pleased this transaction meets the clear strategic objectives of both Heineken and Diageo."
As part of the deal, Diageo will have long-term distribution agreements with GAB to brew and distribute Guinness and other Diageo beer brands in Malaysia and Singapore.
It will also have distribution arrangements with D&G for brewing and distribution of Guinness and distribution of spirits brands in Jamaica.
Diageo's international distribution rights to Red Stripe lager will switch to Heineken and GGBL will remain Heineken's exclusive distributor in Ghana.
Diageo's shares were flat at 1819p in morning trading in London.