British American Tobacco Wins Tekel Auction With $1.72B Bid
Published February 22nd, 2008
Press Release
British American Tobacco Friday confirmed it has won the auction for the cigarette business assets of Tekel, the Turkish state-owned tobacco company, with a bid of $1.72B.
The transaction is subject to approval by Turkey’s Competition Board and ratification by the Turkish Privatisation High Council. Signing and completion are expected later this year.
On completion, the acquisition will elevate British American Tobacco’s market share in Turkey to around 36% from just over 7% Friday.
The assets principally comprise: The rights to all Tekel’s cigarette brands which in 2007 accounted for some 32bn cigarettes sold.
