A Japanese liquor company says it will purchase Illinois-based Beam (BEAM), sending BEAM stock soaring more than 24% in Monday morning trading.

Under the deal, valued at $16 billion, closely-held Suntory Holdings will pay $83.50 a share for BEAM stock, a 25% premium over the last closing price for BEAM shares. The combination of Suntory and Beam will form the third-largest high-end liquor company in the world, Bloomberg notes.

Suntory had reportedly contemplated a 2012 bid for BEAM in partnership with Diageo (DEO), but did not more forward with the joint bid for the maker of Jim Beam liquor.

By acquiring BEAM, Suntory is looking to bolster its reach outside of its home market of Japan. Suntory will see its U.S. market share rise from less than 1% to 11% by purchasing BEAM.

The deal marks the sixth biggest beverage industry acquisition.

Last week, Diageo partnered with musician Sean Combs to purchase ultra-high end drink-maker DeLeón Tequilia.