The five pubs are the Aunt Sally in Sheffield, the Childwall Fiveways hotel in Liverpool, the Berkshire Tavern in Newbury, Berkshire, the Red Lion in Petersfield, Hampshire and the Black Horse in Northfield, Birmingham.
All five are due to reopen as Wetherspoon outlets in January following a £4m refurbishment programme.
The existing names of the pub will remain and all staff will be offered jobs with the new owner.
Wetherspoon chairman Tim Martin said: "We are pleased to have purchased the pubs from Punch and believe that they will be a great addition to our existing outlets."
By Daniel Thomas
E-mail your comments to Caterer News here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk
Looking for a new job? Find your next pub job here with Caterersearch.com jobs