Greene King to snap up Spirit

Belhaven owner Greene King is set to acquire Spirit Pub Company for £774 million.
The deal will see Spirit’s estate of 1227 UK pubs added to Greene King’s existing portfolio of over 1900 managed, tenanted, leased and franchised outlets.
Greene King has predicted the deal will lead to “significant operational efficiencies” and cost savings of “at least £30m”.
The acquisition will see Greene King’s shareholders take a 71.1% stake in the newly combined company with Spirit Pub Company shareholders retaining a 28.9% stake.
The offer was awaiting shareholder approval from both Greene King and Spirit as SLTN went to press.
Directors of both firms have recommended shareholders back the deal.
Spirit Pub Company was established by Punch Taverns in 1999. The firm demerged from Punch Taverns in 2011.