Britain’s Imperial Brands PLC announced today that the closing date for selling its cigar business would be delayed.
“Given the challenges caused by Covid, Imperial has agreed to complete both transactions on 20 October 2020, slightly delayed from the original timetable,” Imperial wrote in a statement.
In April, Imperial agreed to sell its premium cigar business to an investment consortium for 1.225 billion euro ($1.43 billion at today’s exchange rates), in a two-part deal. The original closing was expected in the third quarter.
The deal includes such prized cigar assets as the non-Cuban versions of Romeo y Julieta and Montecristo, one of the world’s handmade largest cigar factories and half ownership of Cuba’s Habanos S.A.