StockMarketWire.com - Tobacco giant Imperial Brands said it had agreed to delay completing the €1.2 billion sale of its premium cigar businesses amid challenges caused by Covid-19.

Imperial Brands had agreed to complete the deal on 29 October 2020, slightly delayed from the original timetable.

The company said it had received a down payment of €91.7 million from Gemstone Investment and Allied Cigar Corporation for the businesses and was set to receive another down payment of about €85 million by 7 October.

Imperial Brands also agreed to provide a six-month vendor loan at completion of up to €250 million while the purchasers finalised long-term financing arrangements.

All other terms remained in line with an announcement of 27 April.

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