Japan Japan Tobacco agrees to pay $450 mn for Sudanese firm

摘要

TOKYO-Japan Tobacco Inc. agreed to pay $450 mn for a cigarette maker operating in Sudan and oil-rich South Sudan, which gained independence this month after a rebellion that lasted almost 50 years. Haggar Cigarette & Tobacco Factory Ltd. controls 80% of the market in Sudan and is "well established" in the Republic of South Sudan, the Japanese company said. The deal values the maker of Bringi cigarettes at 9.9 times last year's underlying earnings before interest, tax, depreciation and amortization, Japan Tobacco said in a statement yesterday.