Conviviality, the Bargain Booze operator, is expected to announce its acquisition of the Matthew Clark drinks supplier on Monday.
Shares in Conviviality were suspended after it confirmed it was in takeover talks with Matthew Clark Holdings, which is 50%-owned by Punch Taverns.
The company generated earnings last year of £25m on sales of £800m.
The original joint venture between Punch and Constellation in 2007 valued Matthew Clark at around £120m, with Punch investing £35m.
A deal today is expected fetch c£200m.
