Suffolk based Greene King,  has announced an agreement to acquire eleven, high quality, freehold, managed pubs from Punch Taverns PLC ('Punch Taverns'), for a total consideration of £30.4 million. The consideration will be financed from the funds raised by the Company's successful recent rights issue and is expected to complete on 01 July 2009. For the financial year ended 23 August 2008, these pubs generated earnings before interest and tax of £3.55m and the acquisition is expected to be earnings enhancing in the first full year.