Legendary beer maker Marston's has offloaded its brewing arm in order to focus on the pub side of the business.
The Wolverhampton-based company has agreed to sell its holding of a joint venture with the UK arm of Danish giant Carlsberg.
Called the Carlsberg Marston's Brewing Company, the partnership makes brands including Hobgoblin and Pedigree. Marston's said it would receive £206 million to sell Carlsberg its 40 per cent stake in the joint venture.
It comes four years after the two brewers created the UK partnership in a deal valuing the operation at £780 million as Marston's sought to focus more on its pub operation.
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Among the venues Marston's operates in Birmingham are Lost & Found in Bennetts Hill, Bulls Head in Kings Norton and Farmer John's in Streetly along with the UK-wide Pitcher & Piano chain.
Justin Platt, who became chief executive at Marston's at the start of the year, said: "This deal further strengthens our balance sheet, significantly reducing our debt by over £200 million.
"Crucially, it allows us to become a pure play hospitality business and focus on what we do best - namely, giving our guests amazing pub experiences."
Separately, Carlberg has agreed a £3.3 billion deal to buy Robinsons squash maker Britvic. The UK soft drinks firm, which also makes J2O and Tango, told shareholders it would recommend the latest deal.
It is valued at £4.1 billion when debts are taken into account, having previously rejected a £3.1 billion offer.
Carlsberg said it planned to create a single, integrated drinks business called Carlsberg Britvic after completing the two deals.
