Alcoholic beverages manufacturer Heineken has moved closer to completing the acquisition of UK-based pub Punch Taverns, with the purchase of shares through its investment vehicle Vine Acquisitions.

Vine Acquisitions was formed by real estate investor Patron Capital Advisers. It has purchased approximately 28.5% of the existing issued ordinary share capital in Punch Taverns.

It was announced last December that Punch Taverns was in advanced discussions with Patron Capital to sell approximately 3,000 of its pubs. Heineken proposed to purchase 1,900 from Patron Capital through its UK division, while Patron will retain more than 1,300 sites.

"Vine Acquisitions has currently purchased a total of 63,310,488 ordinary shares in the capital of Punch at £1.80 per share."

Vine Acquisitions has currently purchased a total of 63,310,488 ordinary shares in the capital of Punch at £1.80 per share.

Founded in 1964, Heineken produces and markets more than 250 international, national, local, and specialty beers and ciders. The firm operates 167 breweries, malteries, cider plants, and other production facilities in more than 70 countries with around 73,000 employees.

Image: Heineken's Bulmers range. Photo: courtesy of Heineken Holding NV.