SOFIA (Bulgaria), April 12 (SeeNews) - British American Tobacco (BAT) said on Wednesday it has signed an agreement with Bulgarian tobacco group Bulgartabac to buy its leading brands for more than 100 million euro ($106.2 million). The proposed acquisition is subject to anti-trust approvals and is expected to complete by mid-2017, BAT said in a statement. In addition, BAT will acquire distribution and retail assets in Bulgaria and within the wider Adriatic region. Bulgarian brands including Victory, Eva Slim and GD are joining BAT’s portfolio. The acquisition will allow BAT to increase its market share to 40% in Bulgaria, up from 12% at present. "We are committed to the Bulgarian market and are very excited about this investment in a country which is increasingly demonstrating that it has a very bright future. This significant investment demonstrates our confidence both in Bulgaria and our future growth here," Richard Widmann, general manager of BAT’s Central European cluster said in the statement. The acquisition will immediately create more than 100 new jobs and secure a further 1,000 jobs in distribution. Bulgartabac is being advised by consulting company Deloitte in relation to the transaction while BAT used the services of consultants Grant Thornton and Baker & McKenzie, according to the statement. BAT is the second largest tobacco company in the world by global market share. Its brands are sold in more than 200 markets. It employs more than 50,000 people worldwide, BAT has market-leading positions in at least 55 markets around the world. In Southeastern Europe (SEE), BAT operates in Albania, Bulgaria, Kosovo, Macedonia, Montenegro and Serbia. Bulgartabac is the leading independent cigarette manufacturer in Bulgaria with a current market share of 30%. Shares in Bulgartabac Holding [BUL:57B] were traded 32.88% higher at 48.500 levs as 1,033 shares changed hands by 11:00 CET on the Bulgarian Stock Exchange. ($=0.9418 euro)
British American Tobacco ( BAT ) , the world 's second - biggest tobacco company , has signed an agreement to acquire Bulgarian tobacco group Bulgartabac for more than € 100 m ( $ 106.2 m ) . The deal includes brands Alfa , Eva Slim and Alfa joining the BAT portfolio , and covers wholesale and retail assets in Bulgaria . Following anti - trust approvals , the deal is set to close by the end of H1 2107 .