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April 7, 2003

UK: S&N close to pub deal with Nomura (report)

The UK brewing group, Scottish & Newcastle (S&N), is reported to be close to completing a £750m sale and manage back deal with the Japanese banking group, Nomura, for more than 600 pubs.

The UK brewing group, Scottish & Newcastle (S&N), is reported to be close to completing a £750m sale and manage back deal with the Japanese banking group, Nomura, for more than 600 pubs.

Under the deal reportedly being discussed Nomura would buy the real estate for £750m with S&N entering a 30-year contract to manage and supply the 600-plus pubs.

According to reports, S&N is giving Nomura a 15% discount to the current market value of the estate in return for the 30-year contracts which are crucial to the brewer. The deal is expected to be completed this month.

Analysts have suggested that if this deal goes through successfully, Nomura would be in a good position to acquire S&N’s remaining 900 pubs.

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