Anheuser-Busch InBev (AB InBev) has agreed to sell SABMiller’s 49% stake in China Resources (CR Snow) brand to SABMiller’s joint-venture partner, China Resources Beer (Holdings) Co Ltd.

Snow is the world’s No. 1 selling beer by volume. SABMiller held 49% stake in the joint-venture with China Resources Beer (Holdings) Co Ltd, which held the remaining 51%. With the sale, which is valued at $1.6bn, China Resources Beer (Holdings) Co Limited takes full ownership of the Snow beer brand.