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SABMiller, one of the world's largest brewers, has confirmed it has agreed to buy Dutch rival Grolsch.

In a joint statement today the two companies confirmed London-based SABMiller would pay €816 million (£586 million) to acquire Grolsch.

The €48.25 (£34.48) a share offer represents an 84.3 per cent premium to Grolsch's average closing share price over the past month, according to the two groups.

SABMiller, whose beer brands include Miller Lite, Castle and Peroni, believes the acquisition of "iconic" brand Grolsch will allow the company to build on its existing portfolio of internationally-sold products.

The group says its sees particular potential for the Grolsch brand across Africa and Latin America, where the premium beer market is still in its infancy.

Commenting on the planned deal SABMiller chief executive Graham Mackay said: "Within the SABMiller family Grolsch will continue to build on almost 400 years of brewing heritage and together we will establish new positions in the most important emerging beer markets around the world.

"Both companies share a passion for the brewing tradition, and we are delighted to be part of this new chapter in Grolsch's development," he added.

Grolsch chief executive Ab Pasman revealed his company judged SABMiller's takeover offer on the grounds of whether it would provide greater value to shareholders than its existing strategy.

"Since this appeared to be the case we entered into discussions and we believe that SABMiller's intended offer delivers benefits to all of our stakeholders," he explained.

"We look forward to continuing to build our position as a premium brand within the new family," Mr Pasman added.