Admiral Taverns pub group and G1 Group are set to acquire 29 pubs from Heineken's Star Pubs & Bars business.
Scottish hospitality firm G1 Group will acquire the portfolio, comprising 12 pubs in Scotland and 17 across England and Wales.
Initially Admiral will take over the management of the England and Wales portfolio, and will then buy it from G1 on completion of its own change in ownership. Admiral is currently completing on its own sale to US investment fund Proprium Capital Partners and drinks company C&C Group for £220m.
The acquisition is anticipated to complete at the end of November. G1 will retain the 12 pubs located in Scotland.
Admiral Taverns' chief executive Kevin Georgel said the acquisition is testament to its commitment to its "ambitious growth plans", supported by its soon to be new owners.
The portfolio has been brought to the market as a result of the Competition and Market Authority's investigation into Heineken's £403m acquisition of Punch Taverns, and comprises pubs from both Star Pubs & Bars and Punch.
Admiral has approximately 845 pubs, including 111 that it acquired from Star Pubs & Bars in 2014.
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