Greene King have bought a London pub chain for £70 million, beating rivals Fuller, Smith and Turner to the deal.
The Capital Pub Company accepted Greene King’s offer after rejecting a £54 million takeover approach last month by Fullers.
The combined business will operate 250 pubs in the Greater London area.
Under the terms of the deal, Capital Pub’s shareholders will be entitled to 235 per share.
Rooney Anand, Chief Executive Officer of Greene King, said: “The proposed acquisition represents another firm step as we continue to expand our presence in London.
“Capital Pubs would bring in a further 34 premium pub assets and take our Greater London estate to approximately 250 at a time when London is outperforming the national pub market.”
See more in this week’s Bury Free Press.