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Imperial Brands Completes Sale Of Worldwide Premium Cigar Businesses

Published on Oct 30 2020 11:00 AM in A-Brands tagged: Trending Posts / Tobacco / Imperial Brands / Premium Cigars

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.

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