Chile's leading brewer, CCU, has signed an agreement to buy Argentine brewer Inversora Cervecera (ICSA) for $88 million, CCU said in a statement late on Thursday.

CCU which is also Argentina's second-largest beer producer, said in a note to Chile's stocks and insurance regulator that the contract was signed by its Argentine subsidiary, Compania Industrial Cervecera.

The deal is subject to due diligence and approval by antitrust authorities.

CCU said ICSA has a 5.8 percent share of Argentina's beer market, and its brewery in Lujan has an installed capacity of 2.7 million hectoliters per year.

CCU also produces soft drinks, fruit juices, mineral water, and pisco, a regionally produced grape brandy.