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(Alliance News) - The UK Competition & Markets Authority on Tuesday said it is investigating NewRiver REIT PLC's sale of a pub chain to Admiral Taverns.
NewRiver, a retail and leisure property investor, completed the sale of Hawthorn Leisure REIT Ltd last month for GBP222.3 million in cash. Hawthorn owns 674 pubs across Britain. The acquisition expanded Admiral's portfolio to over 1,600 pubs, it said in July when the deal was announced.
The CMA is considering whether the deal will reduce competition, and invited comments by October 12.
NewRiver said at the time that the deal would strengthen its balance sheet and allow it to focus on its retail strategy.
Shares in NewRiver were down 0.8% to 80.98 pence in London on Tuesday morning, giving it a market capitalisation of about GBP250 million.
Dublin-based beer and cider maker C&C Group PLC has a minority investment in Admiral. Its shares were down 0.9% in London at 237.70p.
By Ivan Edwards; ivanedwards@alliancenews.com
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