LONDON Deutsche Bank AG s Morgan Grenfell Private Equity unit agreed to buy 3,000 pubs from Whitbread Plc for #1.625 billion, or $2.3 billion in cash and debt.
Whitbread, which is focusing on its faster-growing hotels and restaurants, expects the transaction to be “substantially complete” by June. Whitbread said it plans to pay most of the proceeds to shareholders, keeping #445 million, or $634.5 million to help reduce debt. (3/20/01)
SOURCE:Bloomberg News