Imperial Brands completed the sale of its worldwide premium cigar businesses for a total consideration of €1.23 billion ($1.4 million) of which net cash proceeds of €1.1 billion will be used to reduce debt, the company announced on its website.
As announced on April 27, 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 Sept. 28, Imperial has provided a further six-month deferral of €250 million while the buyers finalize long-term financing arrangements.