Yonkers, NY — American Sugar Refining Inc. (ASR) is set to acquire Tate & Lyle PLC’s European refining operations, according to reports from both companies.

The $318 million acquisition will include refineries in London and Lisbon, bringing ASR’s refining capacity to an estimated six million metric tons per year, the company says. Also slated for the deal are Lyle’s Golden Syrup factory in London, the associated sugar and syrup brands and Lyle’s process technology consulting business.

The company says it has also provided ASR with a perpetual worldwide license to use the Lyle brand in connection with the retail sale of sugar and in other limited circumstance.

Lyle expects the transaction to be complete in two months, pending government approval.