The deal will create the UK’s largest pub business, adding Ei’s nationwide portfolio of 4,000 pubs to Stonegate’s 772 sites, which include the Slug & Lettuce and Walkabout brands.
A total of 96.57% of shareholders voted in favour of the deal yesterday (12 September), which will see Stonegate buy Ei for 285p per share.
The acquisition values Ei at almost £3bn, including its debt and adjusted for the recent disposal of 370 commercial properties.
The deal is still subject to regulatory approval from the Competition and Markets Authority (CMA), which may require both sides to dispose of over 100 pubs to allay concerns about the impact on choice for drinkers.
If successful the sale is expected to complete in early 2020.
There have been several major acquisitions in the pub and brewing sector this year.
Greene King, which also owns the Loch Fyne seafood chain, agreed to be bought by Hong Kong's CK Asset Holdings for £2.7bn in August, while Fuller's sold its beer business to Japan's Asahi for £250m in January.