UK: CMA approves Greene King’s £774 million Spirit takeover

The UK Competition and Markets Authority Monday said Greene King has offered to sell 16 pubs in order to address the regulator’s concerns about its proposed GBP773.4 million takeover of Spirit Pub.

Earlier in June, Greene King and Spirit Pub said the takeover offer was no longer conditional on approval by the UK Competition and Markets Authority, after Greene King waived the CMA approval condition to which the offer was subject.

On Monday, the CMA said the 16 pubs would be divested by Greene King as properties, together with the relevant pub name and, for managed pubs, the transfer of Greene King and/or Spirit Pub Co’s staff.

Of the 16 pubs identified to be sold, nine are Greene King pubs and seven are Spirit pubs, while ten are managed pubs and six are tenanted or leased pubs.

“Before accepting the undertakings, the CMA carefully assessed and consulted publicly on the proposed undertakings. The CMA received one comment on the consultation which it carefully considered, and is satisfied that the undertakings will resolve the competition concerns identified,” said the regulator.

Full content: The Financial Times

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