Updated Wednesday with Reuters version

China Resources Beer has agreed to buy SABMiller's stake in their CR Snow venture for a less-than-expected $1.6 billion, removing another regulatory obstacle to the London-based brewer's takeover by Anheuser-Busch InBev.

Investors in China Resources Beer (Holdings) Co Ltd toasted its bargain price for control of the world's No. 1-selling beer by volume, with shares in the Chinese state-backed company rising 25 percent to a five-year high.

Wednesday's deal to sell SABMiller's 49 percent CR Snow stake was widely anticipated but came sooner than expected for some. It is the latest in a series of divestments aimed at getting approval for SABMiller's $100 billion-plus takeover by AB InBev, the largest deal in consumer goods history.

AB InBev has already struck deals to sell SABMiller's stake in U.S. joint venture MillerCoors to Molson Coors Brewing and its Peroni and Grolsch brands to Japan's Asahi Group Holdings.

While the Snow divestiture shows AB InBev's determination to push ahead with its mega-deal, it came at a cost, analysts said.