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Suntory said on Monday it plans to buy Beam for $16 billion, including debt, making the Japanese company the world's third-largest maker of liquor.Beam's brands include Jim Beam, Maker's Mark, Sauza, Canadian Club and Courvoisier.The $16 billion transaction includes $2 billion in assumed debt. Suntory will pay $83.50 per share in cash, a 25 percent premium to Beam's closing share price of $66.97 on Friday.The transaction, which has been unanimously approved by each company's board of directors, is expected to close in the second quarter, subject to Beam stockholders' approval, regulatory approvals and other customary closing conditions.Suntory has a portfolio of spirits, with whiskies including Yamazaki and Hakushu as well as Midori liqueur and other beverages. It already distributes Beam's products in Japan, while Beam distributes Suntory's products in Singapore and other Asian markets.Suntory President and Chairman Nobutada Saji said in a statement that the acquisition will help Suntory further its global growth. The combined company is expected to have annual liquor sales of more than $4.3 billion.Beam President and CEO Matt Shattock and the Deerfield, Ill., company's current management will continue to run the business.