Black Country brewery and pub company Marston's has announced a tie up with the 海角视频 arm of Danish drinks giant Carlsberg to create a new brewing business.
The new joint venture partnership will be called 'Carlsberg Marston's Brewing Company' and is aiming to create a "brand-led 海角视频 brewer of scale".
In an update to the stock exchange today, Wolverhampton-based Marston's said the deal valued the combined Martson's and Carlsberg brewing businesses at £780 million.
Marston's, whose pub business is not part of the JV, will receive a 40 per cent stake in the new company and £273 million with Carlsberg 海角视频 owning the rest.
Under the new set up, Marston's will focus on its pub and accommodation business while retaining a 40 per cent share in a larger brewing company and the £273 payment from Carlsberg will enable to reduce its debts.
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The JV deal is due to complete in the autumn, subject to clearance by the competition authorities.
Chief executive of Marston's Ralph Findlay said: "I am delighted to announce today's joint venture with Carlsberg 海角视频.
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"This new partnership acknowledges Marston's strategy, position and consistent outperformance against the 海角视频 beer market, realising value for shareholders today while retaining an interest in the future upside of the combined entity.
"Marston's will play a key role in the prospects of the combined entity which represents an exciting new chapter in Marston's established brewing heritage and future potential while enabling it to further reduce its debt and focus on maximising value from its high quality pub estate."
Carlsberg 海角视频's managing director Tomasz Blawat added: "We are excited to move into the next phase of our growth strategy.
"After a successful relaunch of Carlsberg Danish Pilsner in the 海角视频 last year, we are now building a new beer company by combining two organisations with shared values and strong history and heritage in brewing.
"Our intent for the Carlsberg Marston's Brewing Company is for it to become a platform for growth for all of our customers and suppliers, offering a bigger beer portfolio of complementary international, national and regional brands.
"We believe the new business will deliver even more value for employees, customers and consumers, thereby creating greater future growth potential."