10th Jun 2014 06:48
LONDON (Alliance News) - Imperial Tobacco PLC Tuesday said it will float its European logistics business, Logista, on the Spanish stock exchanges.
The FTSE 100-listed cigarettes and tobacco company had said back in February that it was reviewing its options in relation to a potential IPO of Compañia de Distribución Integral Logista SA.
In a short statement Tuesday, Imperial Tobacco said that it will launch an IPO of Logista via Imperial's indirect wholly-owned subsidiary Altadis SAU.
The tobacco company said it will sell a portion of its shares to institutional investors, but will retain the majority of Logista shares.
Logista makes more than 35 million tobacco deliveries a year to 300,000 outlets across Spain, France, Italy, Portugal and Poland, the group said. For the six months ended March 31 and the year ended September 30, 2013, Logistica had "economic sales" of EUR516 million and EUR1.01 billion, respectively, Imperial said.
Imperial Tobacco said Credit Suisse Securities (Europe) Limited and Goldman Sachs International will be joint global coordinators for the IPO, as well as join bookrunners together with Morgan Stanley & Co. International PLC. Banco Bilbao Vizcaya Argentaria SA and Société Générale are acting as joint lead managers.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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