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Imperial Brands listens to offers to sell Tabacalera for 2 billion

| News | Cuban Desk

Andersen Tax & Legal advises in the sale of Tabacalera

Andersen Tax & Legal advises on the sale process of Tabacalera, a technically very complex operation that affects many jurisdictions around the world.

After preparing all the documentation, Imperial Brands plans that this week potential buyers in the premium cigar division will make numbers and start raising their hands to present their bids, according to financial sources. Although Imperial Brands is considering a sale of around 2 billion pounds (2.1 billion euros at the current exchange rate), from the sector they point out that it will close for a figure closer to 1.5 billion.

A year ago, the British tobacco giant launched a major disinvestment programme to alleviate the company's huge debt, which at the end of last year was in excess of 13 billion euros. After closing some operations in the United States and selling 10% of Logista for 265 million, Imperial has already raised 300 million. In total, it expects to earn slightly more than 2.2 billion until May 2020 with different sales.

Tabacalera has divided its business into three subsidiaries: an international division, the premium cigar business in the United States and Grupo Habanos, a joint venture with the Cuban government through which important brands such as Montecristo, Cohiba, H. Upmann or Romeo y Julieta are sold. According to Imperial Brands in its last annual accounts, its participation is 50%.

You can read the whole article in El Confidencial.

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