Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

Imperial Brands Completes Sale Of Worldwide Premium Cigar Businesses

Imperial Brands PLC has announced that it has completed the sale of its worldwide premium cigar businesses (Premium Cigars) for €1.23 billion.

The tobacco giant will use €1.1 billion from this amount for debt reduction.

In April of this year, Imperial Brands announced plans to sell the USA unit of Premium Cigars to Gemstone Investment Holding for €185 million, and the rest to Allied Cigar Corp for €1.04 billion.

Payment Plan

Out of the total, the payment of €88 million will be deferred for 12 months from the date of the closing of the deal (29 October), Imperial Brands said.

In addition, another €69 million will be paid upon the transfer of the Dominican Republic factory, which is expected to close in 2021.

In September 2020, the company announced a further six-month deferral of payment of €250 million to allow the buyers to finalise long-term financing arrangements.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days