Imperial Brands PLC has completed the sale of its worldwide premium cigar businesses for a total of €1,225 million. Of this price, net cash proceeds of €1.1 billion will be used to reduce Imperial’s debt.
The sale of Imperial Brands’ worldwide premium cigar business was first announced back in April 2020 [read more here]. Back in 2019, Imperial Brands announced its intent to divest itself from premium cigars with plans to use the profits from the sale to help pay down debts. The sale includes some well-known tobacco businesses and brands, including Tabacalera USA’s Altadis U.S.A., JR Cigar, and Casa de Montecristo, among other business units. The sale also includes Imperial’s 50 percent stake in Habanos S.A., a Cuban manufacturing company that controls the promotion, distribution and export of Cuban-made premium cigars and other tobacco products.