The Competition and Markets Authority (CMA) has accepted Greene King’s proposals to sell off 16 pubs to remedy competition concerns, paving the way for its £774m acquisition of Spirit to move forward.
Last month, the CMA announced that it would consider in detail the undertakings proposed by Greene King instead of referring the merger for an in-depth phase 2 investigation.
Greene King said it would offload 16 pubs in order to address the competition concerns identified.
These pubs will be divested by Greene King as properties, together with the relevant pub name and, for managed pubs, the transfer of Greene King/Spirit Pub Company plc (Spirit) staff.
Before accepting the undertakings, the CMA carefully assessed and consulted publicly on the proposed undertakings. It did not receive any comments on the consultation, and is satisfied that the undertakings will resolve the competition concerns identified.
The deal will create one of the largest pub groups in the UK, with more than 3,000 pubs, restaurants and hotels.