London ? South African Breweries PLC has agreed to buy Miller Brewing Co. in a $3.6 billion stock deal that would make it the world’s second-largest brewer, the London-based company announced Thursday.

The new company will be called SABMiller PLC and compete in the U.S. market with Anheuser-Busch Cos., the world’s No. 1 beer business.

Graham Mackay, left, chief executive of South African Breweries, and John D. Bowlin, chief executive of Miller, toast the purchase of the Miller Brewing Co. by South African Breweries for .6 billion. The deal, announced Thursday, will make SAB PLC the world's second-largest brewing empire.

SAB also agreed to assume $2 billion in Miller debt, boosting the acquisition’s total value to $5.6 billion. Miller’s parent company, Philip Morris Cos. of New York, would keep a 36 percent stake in SABMiller, which it intends to hold long term.

The buyout marks a major step in SAB’s strategy of expanding largely through acquisitions to become a top player in the consolidating global beer business. SAB expects to complete the acquisition in July, pending shareholder and regulatory approval.

“This is a deal that reshapes the top tier of the global brewing industry,” South African Breweries chief executive Graham Mackay told a news conference.

Miller spokesman Michael Brophy said the acquisition would not lead to any job cuts at Miller’s seven U.S. breweries.

SAB’s shares closed down 0.9 percent to $8.34 in afternoon trading on the London Stock Exchange. Philip Morris shares rose 57 cents to $56.58 on the New York Stock Exchange.

SAB said SABMiller would be one of the world’s most diverse international brewers with leading positions in Europe, North America, Central America, China and Africa.

Philip Morris chief executive Louis Camilleri said SABMiller would have “arguably the best geographic footprint among all global brewers.”

SAB already exports Pilsner Urquell to the United States, and Mackay said he hoped SABMiller could increase this business by selling the Czech brand through Miller’s distribution channels. Many of SAB’s other major brands are concentrated in developing or emerging markets, including Castle in southern Africa, Tyskie in Poland, Zolotaya Bochka in Russia and Zero Clock in China.

By buying Miller, SAB would be taking its biggest leap so far into a mature beer market.

The United States is “by far the most attractive beer market in the world,” Mackay said.

The United States, he said, is the biggest and most profitable, “and unusually for a First World market, it’s growing.”

Brophy said Miller and SAB felt a union was the best way for them to stay competitive.

Philip Morris has wanted to sell its beer business because Miller has lost market share over the past decade, analysts said.