Pub and restaurant group Mitchells & Butlers is selling more than 100 of its smaller "community" pubs.
M&B has more than 2,000 outlets
The outlets are being bought by the Trust Inns group for £101m ($190m).
Trust Inns, formerly known as the Pub Estates Group, was established in 1995 and specialises in buying pubs and then renting them to tenants.
The 102 outlets it is buying from Mitchells & Butlers made pre-tax profits of £10.2m in the year to 5 August 2006.