Punch Taverns has swallowed up Avebury Taverns, taking its haul of UK pubs past the 8,000 mark.
The company has paid £219m, which includes £120m of debt, for just over 400 Avebury pubs.
Avebury was formed in 1997 and underwent a management buyout in 2004, which saw it refocus its business and sell 253 smaller pubs to Admiral Taverns in June of this year.
More than 95% of Avebury's estate is freehold or long leasehold, and primarily community locals.
Giles Thorley, chief executive of Punch, said: "Avebury is a natural fit with Punch's existing pub portfolio and brings further geographic spread and diversity from a high-quality estate."
Punch said the cash part of the deal, about £125m, would come from reserves and that contracts would be signed by next month.
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