SABMiller PLC and Molson Coors Brewing Co. said Monday they closed on their transaction combining their U.S. and Puerto Rico operations into MillerCoors.
The companies said MillerCoors will begin operating as a combined entity on Tuesday. They have not said where the headquarters will be.
“As a unified company with a world-class board and leadership team in place, MillerCoors will be able to create tremendous opportunities for innovations in products and services that will allow us to drive profitable growth,” MillerCoors chairman Pete Coors said in the statement.
The Justice Department concluded on June 5 that the joint venture would not reduce competition.
SABMiller, headquartered in London, and Molson Coors, based in Denver, announced in October they would form a joint venture to market and distribute their beers in the U.S. and Puerto Rico. The deal was aimed at helping them compete against Anheuser-Busch Cos., which has about half the U.S. market.
SABMiller, which makes brands like Miller Lite and Miller Genuine Draft, has about 18 percent of the market while Molson Coors, maker of Coors Light, has about 11 percent.
MillerCoors will have five board members from Molson Coors and five from SABMiller.
Along with chairman Coors, Molson Coors executives named to the board are Peter Swinburn, Sam Walker, Stewart Glendinning and Dave Perkins.
SABMiller executives named to the board are Graham Mackay, Malcolm Wyman, Nick Fell, Johann Nel and Sue Clark. Mackay is chief executive of SABMiller and will be vice chairman of the MillerCoors board.
