British American Tobacco completes acquisition of TDR
30 September 2015
British American Tobacco (BAT) has completed its previously announced acquisition of TDR d.o.o. and other tobacco and retail assets (TDR) from Adris Grupa d.d. (Adris) for a total enterprise value of €550 million.
TDR is the leading independent cigarette manufacturer in Central Europe with a market leading position in Croatia and a position of scale in Bosnia and Serbia which will provide BAT with the opportunity to significantly grow its business in the region.
Naresh Sethi, BAT’s Director Western Europe, commented: “I am delighted that we have now closed this complex deal. This is an exciting acquisition for BAT. It provides immediate scale in three core markets of Croatia, Bosnia and Serbia and establishes a sustainable platform to grow our business across Central Europe”.
BAT is a global tobacco Group with brands sold in more than 200 markets. It employs more than 57,000 people worldwide and has over 200 brands in its portfolio, with its cigarettes chosen by one in eight of the world’s one billion smokers. BAT has leadership in more than 60 markets around the world. The Group generated £5.4 billion adjusted profit from operations in 2014.
BAT was advised by EY, Baker & McKenzie and Wolf Theiss in relation to the transaction.