Private equity real estate investor, Patron Capital and Dutch beer company, Heineken have completed the protracted purchase of UK pub owner Punch Taverns.
The takeover, which values the publicly listed company at £1.8bn, will give Patron Capital ownership of around 1,300 tenanted pubs, while Heineken will own close to 1,900.
The deal was originally agreed in December but was only given the green light by the UK’s competition and markets authority earlier this month.
Patron Capital acquired Punch through a special purpose vehicle (SPV) before selling part of the business to Heineken. A SPV is established to raise funds by issuing debt securities to investors.
Punch, which also owns approximately 50 pubs outside of the SPV, will continue to operate the pubs owned by Heineken for six months under a transitional services agreement.