British American Tobacco has completed a deal to sell its business in Russia
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Tobacco concern British American Tobacco (BAT) completed the sale of Russian and Belarusian assets to a consortium headed by the management of BAT Russia, should from a company press release.
“We have completed the sale of our Russian and Belarusian enterprises. The sale was carried out in accordance with local and international laws and after obtaining all necessary permits,” the statement said.
On the sale of the business to a consortium led by managers of BAT Russia tobacco concern announced September 7. After completion of the transaction, enterprises in Russia and Belarus will operate under the name ITMS Group. The company did not disclose the cost of the transaction.
In March 2022 British American Tobacco announced about leaving the Russian market. The company explained its decision by saying that its business in Russia “is no longer sustainable in the current conditions.” In July of the same year B.A.T. reported about a loss of about 957 million pounds sterling ($1.2 billion) for six months.
The tobacco concern opened a representative office in Russia in 1991. On the Russian market, BAT is represented by the brands of cigarettes Kent, Rothmans, Vogue, Dunhill, Pall Mall, Lucky Strike, “Java Golden”, etc., as well as the Glo tobacco heating system.
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