Tobacco.org

British American Tobacco wins auction for Turkish state tobacco company assets 

British American Tobacco today confirmed it has won the auction for the cigarette business assets of Tekel, the Turkish state-owned tobacco company, with a bid of US$ 1.72 billion.

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 per cent from just over 7 per cent today.

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