Pubmaster had over 3,110 leased and tenanted pubs, bringing the Punch portfolio to over 7,400 properties. As part of the deal Punch has assumed more than £1 billion ($1.7 billion) of debt.

Punch chief executive Giles Thorley says: "This is a transformational deal for Punch and represents a quantum leap in terms of Punch's growth. The Pubmaster Estate provides an excellent strategic and geographic fit with our existing portfolio and nearly doubles the size of our estate.

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