British American Tobacco (BAT) has announced their intentions to acquire Bulgartabac's top brands for over 100 million euros.
The acquisition will allow BAT to expand its market share to forty percent from the current twelve percent.
The acquisition also includes some distribution and retail assets in Bulgaria and the Adriatic region.
BAT Bulgaria is going to become one of the country's five largest taxpayers, promising to create 100 jobs when it is launched, plus one thousand more jobs in the distribution sector.
"Victory", "Eva Slim" and GD are some of the brands that will become part of BAT's portfolio.
BAT is also going to acquire 100% of the share of Express Logistics and Distribution Ltd.
The acquisition is expected to pass anti-trust review in mid-2017.
"We are committed to the Bulgarian market and are excited about this significant investment in the country, which seems to have some bright future ahead. It shows our faith in the perspectives that the Bulgarian market offers and the potential we see in BAT's growth on Bulgarian soil," said Richard Widmann, Head of Markets Central Europe Cluster at British American Tobacco.
"We are eager to welcome new colleagues in our team," BAT Bulgaria CEO Mila Marechkova added.