Tobacco company Imperial Brands PLC (IMB.LN) said Thursday it has sold 13.3 million shares of Compania de Distribucion Integral Logista Holdings S.A. (LOG.MC) for 230.8 million pounds ($275 million).
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Imperial Brands, which houses Davidoff, Gauloises and JPS among its portfolio, will continue to own 79.7 million shares in Logista following the sale, or 60% of its issued share capital.
The London-listed company said late Wednesday that it would place shares in the Madrid-listed company and return the cash to shareholders through share buybacks worth up to GBP160 million.
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(END) Dow Jones Newswires
September 07, 2017 02:39 ET (06:39 GMT)