AMSTERDAM—Heineken NV has struck a $4.5-billion deal to take control of Asia Pacific Breweries, the owner of the Tiger beer brand.
Under the deal, the Dutch brewer will buy the stake in APB owned by Singapore-based conglomerate Fraser & Neave Ltd.
Heineken had been caught in a tussle with Thai Beverage Public Co. Ltd., which had launched a counterbid for all of Fraser & Neave—not just its stake in APB—for $ 7.2 billion. F&N also makes non-alcoholic drinks and owns real estate around Asia.
But Thai Beverage agreed to support Heineken’s offer for Fraser & Neave’s APB stake.
Heineken agreed not to buy the rest of Fraser & Neave.