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Today SABMiller (LOP: SAB) and Molson Coors Brewing Company (NYSE: TAP) announced a deal that would merge their U.S. and Puerto Rico operations, making the number 2 and 3, respectively, beer companies in the U.S. a major threat to Anheuser-Busch’s (NYSE: BUD) top spot.

The joint venture will be caller MillerCoors, and projected savings are said to be about $500, according to the companies. Both companies also hope to better compete against imported beer, micro-brews, spirit, and wine sales, all of which are encroaching on territory previously claimed by the big three.

While each company will have equal voting interest in the new venture, SABMiller will have a majority 58 percent interest in the company.

Tom Birko, president of Bevmark, a beverage consulting firm, thinks this move will result in higher prices for consumers.

Following the announcement SABMiller shares rose 2.3 percent, while shares of Molson Coors rose 12.1 percent.

Check out this article from CNNMoney.com for a more in depth analysis.