British based drinks company Diageo has completed the sale of Jamaican lager Red Stripe to Heineken for USD$781-million.

The deal, which was announced in October, will see Diageo offloading its brewing companies in Jamaica, Malaysia and Singapore, to Heineken.

Under the deal, Heineken acquired a 57.9-percent stake in Diageo’s Jamaican brewer Desnoes and Geddes, which produces the Red Stripe and Dragon brands of beer.

The latest move takes Heineken’s stake in the Jamaican assets up by 15.5-percent, bringing the total ownership to 73.3-percent.

Heineken UK’s Managing director David Forde, says Red Stripe has a rich heritage, from its links with music through the decades, to its famous cans and stubby bottles.

Heineken will take control of Red Stripe from January 1 next year and is expected to make a bid in the near future to gain full control over the Jamaican assets.