Punch Taverns has bought eight pubs in South Wales for an undisclosed sum.
All eight have been converted from managed houses to leased or tenanted, and are traditional community locals located around Merthyr Tydfil, near the Brecon Beacons.
Brian Whitford, acquisitions manager at Punch, said: "Over the past 20 years there has been a remarkable transformation within this area of outstanding natural beauty and we saw an opportunity to become a part of its growth."
Punch has invested £9.1m in total in South Wales over the past year.
It is the UK's largest pub operator with around 9,600 outlets.
By Chris Druce
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