(Ecofin Agency) - World’s top soft-drinks leader Coca-Cola and SabMiller, Africa’s top brewer and second worldwide since its merger with AbInbev, got approval for the merger of their bottling units, against some concessions, a release from both firms revealed.

However, the two partners, in order to support small and medium South African businesses agreed to invest up to R800 million ($54 million) and freeze layoffs for three years. A concession which is worth the gain. According to projections of both firms, the new company (Coca-Cola Beverages Africa), eyes a turnover of $2.9 billion per year.

“I am very happy that we have reached this agreement and hope we now have a clear path to the conclusion of this transaction,” said SabMiller’s Chief Executive Officer, Allan Clark. Coca-Cola Beverages Africa will become a giant which will control 40% of Coca-Cola’s sales across 12 East and South African countries.