Reinet Sells £1.2 Billion Stake in British American Tobacco

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Reinet $£1.2B BAT Shares Sales

Reinet Investments SCA has finalized the sale of its remaining shares in British American Tobacco PLC (BAT), raising approximately £1.2 billion ($1.46 billion) through a secondary placing, the company announced Tuesday. The Luxembourg-based investment firm divested 43.3 million BAT shares, marking the end of a 15-year investment in the tobacco giant.

Complete Exit from BAT Holdings

Reinet, which owned 48.3 million BAT shares as of September, had already sold 5 million shares in December for £148.5 million. With the latest transaction, representing 1.96% of BAT’s total shares, Reinet has fully exited its position.

“Following the settlement and completion of the placing, which is expected to take place on Jan. 16, Reinet and its subsidiaries will have fully exited their position in BAT and will no longer hold any interest,” the company stated.

The BAT shares accounted for approximately 24% of Reinet’s net asset value, underscoring the significance of this divestment in the firm’s portfolio.

Transaction Details

The shares, listed on the London Stock Exchange’s FTSE 100 index, were sold at £28.20 each. J.P. Morgan Securities PLC executed the placing, which began Monday and proceeded on an accelerated basis.