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Greene King acquires 11 Punch pubs
By Pete Hayman
Greene King, the Suffolk-based pub operator and brewing company, has reached an agreement with Punch Taverns to acquire 11 managed properties for £30.4m.
The deal, which is expected to be completed on 1 July, will be financed through a recent Greene King rights issue and includes seven pubs in central London and four located in Scotland. Rooney Anand, chief executive of Greene King, said: "I am really pleased we have been able to acquire these high quality assets, further strengthening our presence in two key geographies for us."
Giles Thorley, Punch Taverns chief executive, added: "This transaction is in line with our stated strategy of increasing free cash flow and reducing the overall level of our debt, while seeking to maintain investment in our high-quality pub estate."
Greene King, the Suffolk-based pub operator and brewing company, has reached an agreement with Punch Taverns to acquire 11 managed properties for £30.4m.
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