Greene King to be sold for £2.7bn

Greene King is to be sold to Hong Kong’s CKA Group in a deal worth £2.7bn.

The Suffolk-based brewer and pub operator recommended a takeover bid to its shareholders by CK Noble UK Ltd, a subsidiary of CK Asset Holdings Ltd.

The deal, which values the company’s beer and pub business at £2.7bn, will mean Greene King will follow Fuller’s, which sold its business to for Asahi.

If the deal goes through, Greene King will become the latest UK business to join the CKA group, which also owns Superdrug and Three.

Philip Yea, chairman of Greene King, commented: “The Greene King board is confident in the long-term prospects of the business, but believes this offer represents a good opportunity for shareholders to realise value for their investment at an attractive premium, while also ensuring the future success of Greene King for employees, partners, customers and suppliers. We are therefore unanimously recommending it to our shareholders.”

Nick Mackenzie, CEO added: “Greene King has a well-invested estate in prime locations, leading brands, a rich history, and a talented team of circa 38,000 people, serving millions of customers across the country every week.

“CKA is an experienced UK investor and shares many of Greene King’s business philosophies.

“They understand the strengths of our business and we welcome their commitment to working with the existing management team, evolving the strategy and investing in the business to ensure its continued long term growth.”

ARTICLES
PODCASTS