Imperial Brands is withdrawing from the premium cigar business to focus on vaping, with a 1.23 billion euro ($1.33 billion) sale of hand-rolled makes including Cohiba and Montecristo which will help it pay down debt.
) is withdrawing from the premium cigar business to focus on vaping, with a 1.23 billion euro sale of hand-rolled makes including Cohiba and Montecristo which will help it pay down debt.
The sale to private buyers includes Imperial’s 50% stake in Cuba’s official exporter Habanos, a unit of state-owned tobacco company Cubatabaco, which gives it rights to sell prestige brands Cohiba, Montecristo and Romeo y Julieta in 150 countries. For Imperial, the sale is part of its plan to divest assets worth 2 billion pounds by May 2020 to pay back about 12 billion pounds in debt and invest in new vaping products, seen as the new growth frontier as rates of traditional smoking fall away.
The maker of Winston and Gauloises Blondes cigarettes said the sale will be in two parts, with Gemstone Investment Holding buying its U.S. unit for 185 million euros and Allied Cigar Corp buying the rest for 1.04 billion euros.
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