Carlsberg has bought a controlling stake in Switzerland's largest brewer, Feldschloessen Huerlimann, in a $490m deal giving the Danish giant access to the Swiss market.
Carlsberg will provide Feldschloessen with much needed investment and use it as a platform to introduce the Carlsberg brand into Switzerland.
Feldschloessen will retain its real estate operations, while Carlsberg will take over its beer, mineral water, wine and soft drinks businesses and establish a "centre of excellence" for non-alcoholic beers at Feldschloessen's headquarters in Rheinfelden, Switzerland.
The deal comes shortly after the acquisition of domestic rival Albani, one of Denmark's leading brewers.
Interbrew, South African Breweries and Heineken had also expressed interest in Feldschloessen, which has 45% of the Swiss beer market.
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