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Imperial Brands PLC completes sale of its Worldwide Premium Cigar Businesses

Imperial Brands PLC (“Imperial”) is pleased to confirm the completion today of the sale of its worldwide premium cigar businesses (“Premium Cigars”) for a total consideration of €1,225 million, of which net cash proceeds of €1.1 billion will be used to reduce debt.

As announced on 27 April 2020, €88 million of consideration will be deferred for 12 months from today’s close, with a further €69 million deferred and contingent upon the transfer of the Dominican Republic factory, which is expected to complete in 2021. As subsequently announced on 28 September, Imperial has provided a further six-month deferral of €250 million while the buyers finalise long-term financing arrangements.

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