Foster's has accepted the $9.9 billion sale of its beer business, which includes the iconic Australian brands VB and Carlton Draught, after rejecting a $9.5 billion bid in August.

Robert Pick, the firm's capital markets co-head, led the Allens team advising Foster's with senior partner Ewen Crouch.

Allen & Overy acted for SABMiller. The firm's team was led by M&A partners Aaron Kenavan and Michael Parshall, with antitrust partner Dave Poddar and banking partner Adam Stapledon also advising.

Hogan Lovells also advised SABMiller on global aspects of the transaction.

The deal represents a coup for both Allens and A&O, as they received the nod to act on this transaction ahead of other law firms that have had extensive links with both companies.

"We have a long history with Foster's and were delighted to act for them on this transaction," said Pick.

He provided no comment about whether Allens actively courted Foster's to trump Corrs and other firms in acting on this deal.

The chairman of Foster's, David Crawford, also sits on the advisory board of Allens. Crawford described the increased offer by SABMiller as "compelling".

The Britain-based SABMiller - which has beers including Castle Lager, Grolsch and Peroni in its portfolio - has previously used Baker & McKenzie for much of its international legal work.

London-based A&O partner Richard Brown was a key figure in enabling his firm to be involved in one of the largest Australian M&A deals over the last few years.

Foster's is hoping that the shareholder and court approvals required to have this deal signed off will be completed by Christmas.