BATs to Sell Russian, Belarusian Businesses for Undisclosed Sum
September 07 2023 - 02:55AM
Dow Jones News
By Ian Walker
British American Tobacco has sold its Russian and Belarusian
businesses to a consortium led by members of BAT Russia's
management team for an undisclosed sum, it said Thursday.
The FTSE 100 cigarette maker--which houses the Kent, Dunhill and
Lucky Strike brands among its portfolio--said in March 2022,
shortly after Russia's invasion of Ukraine, that ownership of the
Russian business wasn't sustainable given the current environment
and that it planned to transfer it.
BAT's operations in Russia include a head office in Moscow, 75
regional offices and a manufacturing facility in St. Petersburg.
BAT also has an office in Belarus. The businesses represented 2.7%
of fiscal 2023 group revenue.
BATs said Thursday that the sale is expected to complete within
the next month provided all conditions are met.
It added that the board remains confident to meet full-year
guidance as provided in the half-year earnings in July.
On July 26, BATs said that it expected organic constant currency
revenue growth in the 3% to 5% range for this year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 07, 2023 02:40 ET (06:40 GMT)
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