London-based Diageo and Dutch firm Heineken plan to exchange brewing assets in emerging markets, a move which will help Diageo generate a profit of £440m ($671m).
Diageo is divesting its stakes in its joint ventures in Jamaica and Southeast Asia to Heineken and instead is purchasing Heineken's stake in a drinks company in Ghana.
The companies have also entered into licensing agreements for their brands in Jamaica and Ghana, reported The Wall Street Journal.
According to the firms, this arrangement will help them to put greater focus on their respective beer businesses.
A similar partnership between the two firms was terminated in South Africa.
Heineken chief executive and chairman Jean-Franois van Boxmeer was quoted by the publication as saying: "Our close collaboration with Diageo has been very productive over the years and I would like to thank them for their valued partnership."
Last month, the Dutch brewing firm announced the acquisition of 50% stake in US-based Lagunitas Brewing Company to gain strong foothold in the crafts beer industry.
Lagunitas owns brands such as Lagunitas IPA and pale wheat ale Little Sumpin' Sumpin', which are quite popular across the US. Its other leading brands include Daytime, Pils, Sucks, Hop Stoopid and Maximus.