Chang was looking for up to $2.5bn in damages after Carlsberg's decision to exit the collaboration in 2003.
The Danish company said at the time that Chang had not contributed to the venture on an equal basis, although the Thai group also questioned Carlsberg's commitment to the Asian market.
Under this week's deal, the companies will share out the venture's assets and Chang has agreed to end the legal proceedings it had brought in London and Bangkok against Carlsberg.
Carlsberg will become the full owner of the Singapore-based Brewery Invest and the Hong Kong company Carlsberg Brewery, as well as keeping on stakes in several breweries in South Korea and Laos.
The two firms also agreed to explore the possibility of future cooperation in Thailand and Malaysia. Whether this proves more successful than the initial venture remains to be seen, but this week's settlement should allow the company to advance more easily in the Asian market.