Reuters - Cerberus Buys Admiral Taverns

U.S. private equity firm Cerberus Capital Management is to buy British pub group Admiral Taverns from part state-owned Lloyds Banking Group, which is shedding non-core businesses. While terms were not disclosed, two people familiar with the matter said on Friday the deal had an enterprise value - debt plus equity - of 200 million pounds ($323 million), Reuters reported. The debt portion was around 150 million pounds, with Cerberus providing 50 million cash, the people said.

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