AMSTERDAM (AP) — Dutch brewer NV says it has purchased Galaxy Pub Estate, owner of 918 pubs in Britain, from Royal Bank of Scotland PLC for 412 million pounds ($646 million) in cash.
The pubs that Galaxy owns are already managed by Heineken’s subsidiary Scottish & Newcastle. Heineken says it plans to combine the Galaxy properties with 462 other bars it owns in Britain, making it one of the country’s largest pub owner and operators.
Heineken said the properties purchased had an operating profit before depreciation and amortization of 52.3 million pounds ($82 million) over the last 12 months.
Heineken will take a charge of 28 million pounds ($44 million) in the fourth quarter for terminating leases and other costs associated with the acquisition.
Please follow Europe on Twitter and Facebook.
Join the conversation about this story »
See Also:
- UK Media Inquiry Shows How Phone Hacking Was Just The Tip Of The Iceberg
- London Far Right Mayoral Candidate Thinks Immigrants Will Ruin UK — And He’s From Uruguay
- The British Secret Services Think This Woman Is A Russian Spy, But A UK Court Won’t Deport Her