Pub operators Stonegate Pub Company is set to acquire pub management company Ei Group (EIG), in a deal worth in the region of \u00a33bn.\r\n\r\nStonegate has offered all-cash terms that value group\u2019s shares at \u00a31.3bn, a 38% premium over the pre-bid share price, taking into account debt, the deal is around \u00a33bn.\r\n\r\nEIG is the largest pub operator in the company, with over 4,000 venues across the UK, and adds to Stonegate\u2019s portfolio of 772 properties, including chains Slug and Lettuce and Walkabout.\r\n\r\nRobert Walker, EIG chairman added: \u201cIn 2015 we set out a new strategy. During the past four years we have made great progress in its execution and have delivered a significant increase in value for our shareholders. The management team have done an outstanding job and the acquisition, at a significant premium, is only possible because of the work that they have done and what has been achieved.\r\n\r\n\u201cThe Acquisition delivers the future value of the strategy for our shareholders and secures an exciting future for our tenants and employees by creating the leading managed and tenanted pub company in the industry."\r\n\r\nIan Payne, Stonegate chairman, added: \u201cIt is an exciting prospect to bring EIG and Stonegate together to create a diversified pubs group with significant industry expertise. At Stonegate, we have an established track record of running successful pubs throughout the UK - with over \u00a3350m having been spent on capital expenditure at Stonegate since it began trading in November 2010.\r\n\r\n\u201cWe plan to leverage our existing managed house infrastructure, portfolio of formats and access to capital and invest in the combined estate for the benefit of all stakeholders."\r\n\r\nThe acquisition is subject to approval from the Competition and Markets Authority, if approval is granted the deal will be completed by early 2020.