For an enterprise value of $1.23 billion, the Dutch brewer, Heineken NV, agreed to divest its Mexican packaging operations, Empaque, to Crown Holdings Inc. As the world’s third-largest brewer, the divestment follows Heineken’s affirmation to focus and commit itself to being a chief beer producer in the country. The deal will provide the company with more financial flexibility for their Heineken, Amstel, Dos Equis and Sol beer brands. With headquarters in Philadelphia, PA, and global locations, Crown Holdings is the leader in metal packaging technology.

They employ over 21,000 people in over 40 countries and had total revenues of $8.7 billion in 2013. With the Empaque acquisition, Crown Holdings looks to expand its billion dollar empire and position itself as a strong competitor to Rexam, the world’s largest beverage can producer. Heineken’s history with Empaque began in 2010 when Heineken acquired the packaging company as part of its acquisition deal with Fomento Económico Mexicano, S.A.B. de C.V., better known as Femsa.

The all share-transaction valued the company at about $7.6 billion. Amsterdam-based Heineken is expected to post a gain of million euros ($394 million) with the finalization of the deal. The chairman and Chief Executive Officer of Heineken, Jean-François van Boxmeer, had this to say in a statement: “We are confident that Empaque will flourish under its new ownership, and we look forward to our ongoing partnership.” Emaque is expected to post revenues of approximately $700 million and earnings before income tax, depreciation and amortization of about $150 million, according to Crown Holdings. The deal is subject to regulatory approval.

Markets in the United States are closed on Monday for the Labor Day holiday, but shares of Heineken rose slightly to €58.12, in Amsterdam’s morning trading. Crown Holdings closed up less than 1 percent, at $48.27, in trading in New York, the previous Friday.