NEW YORK - Anheuser Busch InBev announced last week that it is buying the remaining stake in brewer Grupo Modelo, a deal that could close during the first quarter of 2013, BusinessWeek reports.

The brewer will keep its headquarters in Mexico City and maintain a local board of directors. Grupo Modelo, founded in 1925, has 37,000 employees and brews and distributes 13 brands, including Corona, Modelo Especial, Victoria, Pacifico and Negra Modelo.

A-B InBev CEO Carlos Brito and Grupo Modelo's CEO Carlos Fernandez noted during a press call last week the global growth opportunities for the two companies. "It will further propel us on the world stage...for our brands," Fernandez said.

Grupo Modelo also announced that it will sell its 50% stake in Crown Imports, the joint venture that exports and markets its Corona brands to the U.S., to its partner Constellation Brands for $1.85 billion.

Also, Fernandez told Bloomberg News that he would be stepping down as CEO of Grupo Modelo once the deal with A-B InBev is complete; he will serve on the local board of the acquired company.

Combined, the annual revenue of the two companies could total nearly $47 billion and 150,000 employees, writes the news source, adding that the deal will also boost AB-InBev's beer volume from around 300 million barrels to about 350 million barrels.