After a slight delay due to the ongoing coronavirus pandemic, Imperial Brands PLC has now completed the sale of its worldwide Premium Cigar business, the company announced in a press release.

Both Imperial and the purchasers, Gemstone Investment Holding Ltd and Allied Cigar Corporation, S.L., agreed to slightly push back the sale to the end of October due to the challenges arising from the ongoing worldwide pandemic.
Imperial now confirmed via a press release that the sale of Premium Cigars had been successfully completed for a total consideration of EUR 1,225 million, of which net cash proceeds of EUR 1.1 billion will be used to reduce debt.
The company had previously announced that EUR 88 million of consideration would be deferred for 12 months from the close, with a further EUR 69 million deferred and contingent upon the transfer of the Dominican Republic factory, which is expected to be completed in 2021.
The press release also states that, Imperial has provided a further six-month deferral of EUR 250 million while the buyers finalise long-term financing arrangements.