Brakspear, the tenanted pub group based in Henley, South Oxfordshire, is to be sold to JTD Investments, in a deal that will value the group's share capital at £106m. The price of 915p per share is at a marginal premium of 4.5% to the average price at which shares in Brakspear have traded in the last 12 months. The price does however represent a multiple of 19.8x 2005 group ebitda. JTD Investments is part of the JT Davies Group, a significant long-term shareholder in Brakspear. It acquired a 14.9% stake in 1999 before taking its stake to 29.9% in 2002. In 2003, Michael Davies, managing director of JT Davies, was appointed to the Brakspear board as a non-executive director. Based in Croydon, on the outskirts of London, the company owns 51 tenanted pubs as well as a wine wholesaling business. The Brakspear management, led by chairman Mike Foster, is expected to stay with the business. Brakspear was advised by NM Rothschild while JT Davies was advised by PricewaterhouseCoopers.