British American Tobacco announces sale of business in Russia and Belarus
Photo: EPA

British American Tobacco (BAT), one of the world's largest tobacco companies, has announced an agreement to sell its business in Russia and Belarus.

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The buyer of the assets, according to BAT's statement, will be a consortium led by the former top management of BAT Russia.

BAT expects to close the deal, the amount of which is not disclosed, within the next month. One of the terms of the agreement is to preserve the conditions for the employees of the companies currently operating for two years.

REFERENCE. British American Tobacco is one of the largest tobacco companies in the world with headquarters in the United Kingdom. It owns such cigarette brands as Lucky Strike, Dunhill and Pall Mall. In 2017, it acquired Reynolds American Inc., which owned brands such as Newport and Camel, creating the world's largest publicly traded tobacco company.

After the deal is completed, BAT "will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets."

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