Kirin on Friday unveiled plans to acquire up to 49 per cent of San Miguel Brewery in a deal that highlights the Japanese beer company’s overseas ambitions.

Japan’s second-largest brewer is buying 43.25 per cent of the Philippines’ largest beer company from its parent, San Miguel Corp, for Y112bn ($1.2bn), and the remainder through a tender offer. The deal is the largest Japanese outbound investment so far this year, according to Dealogic.