The EU's anti-trust regulator on Tuesday cleared the blockbuster buyout by the world's top brewer AB InBev of rival SAB Miller, but with key conditions.

"The European Commission has cleared under the EU Merger Regulation the proposed acquisition of SABMiller, the world's second largest brewer, by AB InBev, the world's largest brewer," the EU's executive said in a statement.

"The clearance is conditional on AB InBev selling practically the entire SABMiller beer business in Europe," it added.