Scandinavian Tobacco Group has agreed on the terms and conditions that will allow it to acquire all shares of Agio Beheer B.V. from Highlands Beheer B.V., the holding company of Royal Agio Cigars.

The transaction is valued at EUR 210 million. The acquisition will be financed by cash at hand and debt. The acquisition was subject to satisfactory conclusion of a statutory employee consultation process in the Netherlands and subsequent completion will require approval from competition authorities in certain European jurisdictions. The completion of the transaction depends on these processes but is currently expected to occur in the first half of 2020.

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