Two subsidiary companies of Asia Pacific Breweries have completed the purchase of food and beverage outlet Gaults on Quay in New Zealand.

The brewer, a joint venture between Heineken and Fraser & Neave, said today (21 April) that Barworks Group Ltd and Barworks Holdings Ltd, have acquired Gaults on Quay for NZ$1.5m (US$830,978). The transaction, which was initially announced earlier this month, will be funded through internal resources and was arrived at on a willing-buyer willing-seller basis, APB said.

Barworks Group and Barworks Holding have formed a company between them to make the purchase, known as Gaults on Quay 2009 Ltd. Barworks Group holds 90% of the new company, with Barworks Holding owning the remaining 10%.

Barworks Group is a wholly-owned subsidiary of DB Breweries, which in turn is a wholly-owned subsidiary of APB. Barworks Holdings is a wholly-owned subsidiary of Barworks Group.

"The aforesaid acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year," APB said.