London (CNN Business) A real estate company controlled by Hong Kong's richest man is paying a big premium to buy a British pub chain and brewer.

CK Asset Holdings CHKGF Li Ka-shing 'ssaid Monday that it had reached an agreement to buy Greene King in a deal worth £4.6 billion ($5.6 billion), including its debt.

The Hong Kong company is offering 850 pence ($1.03) per share, a 51% premium to Greene King's closing stock price on Friday.

"CKA's strategy is to look for businesses with stable and resilient characteristics and strong cash flow generating capabilities," said George Colin Magnus, chairman designate of the CKA unit in charge of the acquisition. "The UK pub and brewing sector shares these characteristics."

Greene King was founded in 1799. It operates more than 2,700 pubs, restaurants and hotels across England, Wales and Scotland and employs about 38,000 people. Annual revenues total about £2.2 billion ($2.7 billion).

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