REUTERS/Francois Lenoir
The deal will value SABMiller at £44 ($67.62) a share, or around £71.2 billion ($109.4 billion).
Data provider Dealogic values the deal at $122 billion, including debt, which would make it the third biggest deal by size in history.
Business Insider compiled what are currently the 9 biggest deals in history, based on rankings by Dealogic.