LONDON (AP) -- Brewers SABMiller PLC and Molson Coors Brewing Co. said Monday they had closed their transaction to combine operations in the U.S. and Puerto Rico, less than a month after the deal passed scrutiny by U.S. antitrust authorities.
The new entity, MillerCoors, will begin operating on Tuesday, the two companies said in a joint statement.
"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 U.S. Justice Department concluded June 5 that the joint venture would not reduce competition in the market.
MillerCoors will have five board members from Molson Coors and five from SABMiller.
SABMiller, headquartered in London, and Molson Coors, based in Golden, Colorado, announced in October that they would form a joint venture called MillerCoors that would 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 Miller Lite and Miller Genuine Draft, has about 18 percent of the market while Molson Coors, maker of Coors Light, has about 11 percent.