Greene King has successfully completed its acquisition of the Spirit Pub Company. The £774m deal has been approved as the Competitions Markets Authority (CMA). It said it was satisfied with the proposed deal of selling a combined 16 pubs from the Greene King and Spirit Pub portfolios.
Rooney Anand, chief executive officer of Greene King, commented, “I am delighted to announce the completion of the acquisition of Spirit, bringing together two successful companies to create the UK’s leading managed pub company.”
“As we begin this exciting new phase in our history, Greene King will continue to focus on creating a great place to work for our people, delivering industry-leading value, service and quality to our customers and maximising value for our shareholders.”
Greene King first revealed it was trying to buy the Spirit Pub Company in October and successfully fought off a bid from Tennent’s owners C & C. Its offer was accepted in November, before CMA voiced concerns about its competitive advantage in certain areas. These fears have now been allayed and the deal has gone through.
Scottish pubs in the acquisition include Milnes Bar and The Beehive in Edinburgh.
Mike Tye, chief executive officer of Spirit added, “The deal to combine Greene King and Spirit has now completed. The combined business will be the largest managed pub company in the UK and a real force to be reckoned with, especially by taking the best of both businesses and creating a clear industry leader.”