British American Tobacco sold business in Russia
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tobacco concern british american tobacco (BAT) entered into an agreement to sell its business in Russia and Belarus to a consortium led by the management of BAT Russia. About it says in a company message.
“The buyer is a consortium led by members of the management team of BAT Russia, which, after the completion of the transaction, will own both enterprises. After that, these enterprises will be called ITMS Group,” the statement said.
The cost of the transaction is not specified. BAT expects the sale to close within the next month. The company emphasized that after the sale, BAT will no longer be associated with Russian and Belarusian businesses.
March 2022 british american tobacco announced about leaving the Russian market. The company explained its decision by the fact that its business in Russia “is no longer sustainable in the current environment.” In July of the same year, B.A.T. reported about a loss of about 957 million pounds ($1.2 billion) over the six months.
On the Russian market, BAT is represented by cigarette brands Kent, Rothmans, Vogue, Dunhill, Pall Mall, Lucky Strike, Java Zolotaya, etc., as well as the Glo tobacco heating system.
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