Moscow, 7 September 2023 (TDI): British American Tobacco (BAT) announced today the successful completion of its exit from the Russian market, in line with its previously stated intentions.
In March 2022, BAT revealed that the ownership of its business in Russia had become untenable in the prevailing business environment and articulated its plans to divest the business.
After careful consideration, BAT has now formally entered into an agreement to divest its businesses in Russia and Belarus, ensuring full compliance with both local and international legal requirements.
The purchaser, a consortium led by members of BAT Russia’s management team, will assume complete ownership of both entities. Following the finalization of the transaction, these businesses will be rebranded as the ITMS Group.
Throughout the transition process, one of BAT’s paramount concerns has been the welfare and interests of its colleagues in Russia and Belarus.
As an integral part of the agreement, their employment conditions will remain at par with their current BAT terms for a minimum of two years following the completion of the transaction.
It is anticipated that the finalization of this transaction will occur within the next month once all pertinent conditions have been met.
After the conclusion of the deal, BAT will no longer maintain a presence in either the Russian or Belarusian markets and will not derive any financial proceeds from ongoing sales in these regions.
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BAT maintains steadfast confidence in achieving its Full-Year guidance, as delineated in the Half-Year results announced on 26 July 2023.
This strategic move underscores its commitment to responsible business practices and ensuring the welfare of its employees and stakeholders. The company remains dedicated to navigating global markets with a forward-thinking approach.
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