Anheuser Busch InBev , the world's biggest brewer, on Monday agreed to buy around a 51 percent stake in the Dominican Republic brewer Cerveceria Nacional Dominicana (CND) from two sellers for over $1.2 billion.

The Budweiser brewer is paying around $1 billon for a 41.76 percent stake in the Dominican Republic's leading brewer from majority shareholder E. Leon Jimenes, which itself owns 83.5 percent of CND, and also will pay $237 million for Heineken's 9.3 percent stake in CND.

The Belgium-based brewer said the deal will create the leading beverage company in the Caribbean region with businesses in beer, malt and soft drinks, and operations in the Dominican Republic, Antigua, St Vincent and Dominica.

Last month, Reuters reported that AB InBev and Heineken were in a race to buy CND.

(Reporting by David Jones)