Imperial Brands Sells 13.3M Shares in Logista for GBP230.8 Million

By Ian Walker Features Dow Jones Newswires

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.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

September 07, 2017 02:39 ET (06:39 GMT)