AMSTERDAM (AP) - Dutch brewer Heineken NV said it will buy the beer-making operations of Mexico's Femsa in an all-share deal that values the maker of Dos Equis, Tecate and Sol beers at $5.5 billion, excluding debt.

The buy increases Amsterdam, Netherlands-based Heineken's presence in growth markets and cements its position as the world's second-largest brewer by sales. It also continues a decade-long trend toward concentration among the biggest players in the global beer market.

Femsa Cerveza brands have a 43 per cent market share in Mexico and a 9 per cent share in Brazil - two of the world's top four most profitable beer markets, and both still fast-growing. Femsa's Tecate and Dos Equis brands are also significant players in the U.S. imported beer market, where Heineken vies with Grupo Modelo's Corona.

"This is a really good deal for Heineken, for our position in the Americas," said Heineken Chief Executive Officer Jean-Francois van Boxmeer on a conference call. "As a worldwide brewer this was a (region) where we perhaps were weaker."

Femsa Cerveza had sales of $3.8 billion and operating profits of $899 million in 2008, Heineken said. Including debt that Heineken will assume, the deal is worth $7.6 billion. Analysts welcomed the buy as a pleasant surprise, given that many had expected SABMiller PLC - now the world's third largest brewer by sales behind Anheuser-Busch InBev SA and Heineken - to win the race for Femsa.