By Ian Walker
Reinet Investments said that it has sold 43.3 million shares in British American Tobacco for 1.22 billion pounds ($1.49 billion).
The investment vehicle--which was spun out of Swiss luxury goods company Richemont in 2020--said Tuesday that it sold the shares at 28.20 pounds each. The price is a 3.85% discount to BATs closing share price of 29.33 pounds on Monday.
The shares were sold via a bookbuild process, as first flagged late Monday. The shares represented 1.96% of BAT's issued share capital.
Upon completion, which is expected to take place Thursday, Reinet will no longer own any shares in BAT.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
01-14-25 0146ET