British American Tobacco, the world’s second largest quoted tobacco group has acquired an 85% stake in PT Bentoel Internasional Investama Tbk, for US$494 million.
Herbert Smith Singapore, in association with Hiswara Bunjamin & Tandjung (HBT), advised British American Tobacco, while White & Case represented the sellers, the Rajawali Group on the deal.
A public tender offer for the remaining shares will be announced and is expected to be completed by the end of August 2009.
Assuming that all of the shares are tendered, the overall transaction would value 100% of Bentoel at approximately US$580 million.