By Ian Walker

British American Tobacco has sold its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team for an undisclosed sum, it said Thursday.

The FTSE 100 cigarette maker--which houses the Kent, Dunhill and Lucky Strike brands among its portfolio--said in March 2022, shortly after Russia's invasion of Ukraine, that ownership of the Russian business wasn't sustainable given the current environment and that it planned to transfer it.

BAT's operations in Russia include a head office in Moscow, 75 regional offices and a manufacturing facility in St. Petersburg. BAT also has an office in Belarus. The businesses represented 2.7% of fiscal 2023 group revenue.

BATs said Thursday that the sale is expected to complete within the next month provided all conditions are met.

It added that the board remains confident to meet full-year guidance as provided in the half-year earnings in July.

On July 26, BATs said that it expected organic constant currency revenue growth in the 3% to 5% range for this year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 07, 2023 02:40 ET (06:40 GMT)

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