Imperial Brands Sells Worldwide Premium Cigar Business for EUR1.23 Billion
27 Aprile 2020 - 12:00PM
Dow Jones News
By Jaime Llinares Taboada
Imperial Brands PLC said Monday that it has agreed to sell its
worldwide premium cigar business for 1.225 billion euros ($1.325
billion) and will use the money to reduce debt.
The tobacco company--which houses Winston cigarettes, rolling
tobacco Golden Virginia and rolling paper Rizla among its
brands--said that Allied Cigar Corporation, S.L has agreed to pay
EUR1.04 billion for Premium Cigar RoW; whereas Gemstone Investment
Holding Ltd. would pay EUR185 million for Premium Cigar USA.
The transactions are expected to close in the third quarter of
the year and are subject to regulatory clearances, the company
said.
"This disposal reinforces our strategic ambition of becoming a
leaner and more agile organization and the proceeds will realize
value for shareholders by reducing debt as part of our ongoing
focus on active capital management", Joint Interim Chief Executives
Dominic Brisby and Joerg Biebernick said.
Shares at 0920 GMT were up 43.5 pence, or 2.8%, at 1,590
pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 27, 2020 05:45 ET (09:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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