The Belgium-based group's US$122-billion acquisition, which was announced in November, would be the third largest in history if it clears all regulatory hurdles.
"The ACCC found that the proposed acquisition would not significantly change the current market structure," the Australian Competition and Consumer Commission said.
It added that the deal was "unlikely to result in higher beer prices for consumers".
To ease the ACCC's competition concerns, AB InBev is terminating its agreements with Australian brewer Lion, which is fully owned by Japanese giant Kirin, for the distribution of AB InBev brands such as Corona.
AB InBev, which approached the ACCC to ensure the deal did not breach competition laws, uses Lion as its main distributor in Australia.
SABMiller is the second largest supplier of beer Down Under, behind Lion.
The green-light came a day after AB InBev confirmed the acquisition was on track to be completed this year, as it reported first quarter profits fell 10% to US$9.4 billion due to weakness in the Brazilian market.
AB InBev, which also has brands such as Stella Artois and Budweiser, sees the buyout of SABMiller as a key way to counterweight falling beer demand in big markets by building its presence in Africa and other regions where sales are going up.
The new combined company would produce one in three beers sold globally, according to market research group Euromonitor International.
The deal comes at a time of growing pressure for consolidation in the brewing industry where craft beers made by smaller independent firms are increasingly popular.
Source: AFP via I-Net Bridge
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