BAT expands in SA with vape deal | Fin24
 
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BAT expands in SA with vape deal

Dec 21 2017 19:10
Loni Prinsloo

Johannesburg - British American Tobacco, the world’s second-largest traded cigarette maker, agreed to buy South African vaping company Twisp, expanding in a continent where it has grown in since buying Rothmans in 1999.

The deal increases BAT’s offering of so-called next-generation products, or alternatives to smoking cigarettes, the London-based company said in a statement on Thursday. It didn’t disclose the price of the deal or how it’s being funded.

The deal comes after Japan Tobacco also agreed to spend $434m to raise its investment in Ethiopia’s tobacco monopoly to a majority stake.

BAT appointed Kingsley Wheaton, formerly the head of next-generation products, to lead the Americas and sub-Saharan Africa region last month.

BAT shares rose 2.2% to 5 027 pence as of 15:21 in London, extending gains for 2017 to 8.7%.

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british american tobacco  |  uk
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