British American Tobacco says it is buying several cigarette brands from Bulgaria’s Bulgartabac for more than €100 million (US $106 million), according to a story by Agence France Presse relayed by the TMA.
BAT was quoted as saying that the acquisition of Victory, Eva Slim and GD would lift its market share in Bulgaria from its current 12 percent to 40 percent.
The deal, which is subject to regulatory approval, also includes distribution and retail assets in Bulgaria and within the Adriatic region.
BAT regional chief Richard Widmann was quoted as saying the Bulgarian market had a “very bright future”.
Another BAT spokesperson added that the transaction aligned financially and strategically with its business objectives for the central European region. The group would grow its business in Bulgaria and further enhance its position in the Balkans, following its acquisition of TDR in 2015.