Heineken Buys Globe Pub Assets

Dutch brewer Heineken is to purchase the assets of struggling pub operator Globe Pub Company. The deal includes 421 pubs and is worth GBP180mn, money that will be used to pay off Globe's debts. As Heineken is also the firm's major creditor, the brewer has revealed that the move will be largely cash flow neutral in 2009. Heineken put itself in pole position to acquire the assets by building up its stake in the company's debt, a move motivated by Heineken's desire to safeguard its supply contract with Globe's significant pub

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