Tennent's is Scotland's most popular lager brand, accounting for 55% of on-trade and 30% of off-trade sales in the region.
The deal also sees C&C acquire the Irish, Northern Irish and Scottish businesses of Anheuser-Busch InBev. This includes the distribution rights for Becks and Stella Artois in Ireland, Scotland and Northern Ireland.
It is believed that Tennent's sponsorship of the annual rock festival T in the Park will be unaffected, although C&C chief executive John Dunsmore was unable to give a long-term guarantee on its future.
C&C said the deal will allow it to extend its reach in Northern Ireland and Scotland and deliver operational cost savings.
The cost of the merger between Anheuser-Busch and InBev is thought to have forced the company to sell some of its assets.