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LONDON-The UK’s biggest brewer Scottish & Newcastle (S&N) has sold its pubs, restaurants and hotels business to the Spirit Amber Bidco consortium for £2.5 billion ($4.2 billion).

The consortium, made up of US investment bank Blackstone, Texas Pacific, CVC Capital Partners and Merrill Lynch, is paying cash for S&N Retail, which manages 1,406 pubs, restaurants and hotels.

The purchaser has also agreed a supply deal with S&N, in which it agrees to buy the brewer’s own-brand products for the acquired pubs. The wine supply deal runs for five years, while beer and cider will be supplied for seven years.

The sale is part of S&N’s exit from the managed pubs sector to focus on its international brewing activities. The deal is expected to go through in November, subject to approval from S&N shareholders.

In the year to April 2003, S&N Retail’s net operating assets totalled £2.2 million ($3.7 million) and it generated an adjusted operating profit of £228 million ($3.8 million). Estate brands Its brands include Chef & Brewer, Premier Lodge, John Barras and T&J Bernard.

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