The Ultimate Fighting Championship has signed a multiyear sponsorship deal with brewing giant Anheuser-Busch InBev NV and its Bud Light brand, which is still rebounding from a boycott-driven sales decline earlier this year.

The multiyear global agreement is set to begin in January and will be the mixed-martial arts promoter’s biggest-ever sponsorship, surpassing its $175 million fight-kit deal with Crypto.com, according to a person familiar with the terms.