British American Tobacco Leaves Russia And Belarus; Reaffirms FY23 Outlook

British American Tobacco PLC BTI disclosed an agreement to sell its Russian and Belarusian businesses to the local management.

In March 2022, the company identified that its Russian business was no longer sustainable in the current environment.

The buyer is a consortium led by BTI Russia's management team members who, upon completion, will wholly own both businesses. 

Post-completion, the businesses will be known as the ITMS Group, and BTI wouldn't have a presence in Russia or Belarus and will not garner any financial gain from ongoing sales in these markets.

The company expects the transaction to be completed next month upon satisfaction of customary closing conditions. 

The company reiterated its FY23 outlook for organic constant currency revenue growth of 3%-5% and adjusted EPS growth in constant currencies in mid-single digits.

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Price Action: BTI shares are trading lower by 0.08% at $32.29 on the last check Thursday.