BATS to Buy TDR For Total EV of EU550m to Tap Central Europe

BATS has signed an agreement to acquire TDR d.o.o. and other tobacco and retail assets from Adris Grupa.

  • TDR is the leading independent cigarette manufacturer in Central Europe, has market leading position in Croatia and a position of scale in Bosnia and Serbia
  • Represents multiple of ~12.5x Ebitda (says 2014 Ebitda ~EU44m)
  • Should complete in October

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