The joint venture will value Marston’s Brewing Business at £580m; and Carlsberg UK at £200m.
Despite Marston’s superior valuation, the pub chain will hold only a 40% stake in the merged firm, which will be named Carlsberg Marston’s Brewing Company. However, it will also receive a £273m cash payment upon completion of the deal.
Carlsberg will hold a 60% stake.
"This new partnership acknowledges Marston's strategy, position and consistent outperformance against the UK beer market, realising value for shareholders today, whilst retaining an interest in the future upside of the combined entity," says Ralph Findlay, chief executive of Marston's.
"Marston's strong heritage, extensive distribution platform and established reputation for brewing and logistics excellence, together with Carlsberg UK's values, long history in beer, brand portfolio and scale, combine the best attributes of both to create a compelling beer business with an outstanding portfolio of global and local beer brands, proven brewing expertise, strong distribution networks and wholesale opportunity."
The deal is due to be completed in the third quarter of this year, subject to shareholder approval and competition clearance.
"We are excited to move into the next phase of our growth strategy," adds Tomasz Blawat, managing director of Carlsberg UK.
"After a successful relaunch of Carlsberg Danish Pilsner in the UK last year, we are now building a new beer company by combining two organisations with shared values and strong history and heritage in brewing.
“Our intent for the Carlsberg Marston’s Brewing Company is for it to become a platform for growth for all of our customers and suppliers. We believe the new business will deliver even more value for employees, customers and consumers, thereby creating greater future growth potential.”