Japanese food and beverage company Suntory has bought Beam, owners of the Jim Beam and Maker’s Mark brands, for $16 billion.

The deal will create the world’s third largest spirits company, and is expected to close in the second quarter of this year.

The two companies’ combined portfolio of brands will now include Beam's Jim Beam, Maker's Mark and Knob Creek bourbons, Teacher's and Laphroaig Scotch whiskies, Canadian Club whisky, Courvoisier cognac, Sauza tequila and Pinnacle vodka, and Suntory's Japanese whiskies Yamazaki, Hakushu, Hibiki and Kakubin, Bowmore Scotch whisky and Midori liqueur.

Thr3e Licensing currently represents the Jim Beam licensing program, which includes a range of food and condiment extensions.

Beam's president and chief executive officer Matt Shattock and the current Beam management team will continue to lead the business from Beam's headquarters outside Chicago, Ill.

"This is a very exciting development that delivers substantial value for our stockholders and creates an even stronger global company with an excellent platform for future growth," says Matt Shattock, president and chief executive officer, Beam Inc. "Together we will be a global leader in distilled spirits with the No. 3 position in premium spirits and a dynamic portfolio across key categories.”