As mentioned earlier, this is sub-optimal for the minority shareholders, which is reflected by the share price reaction immediately after news release.
Assuming a 10x Sales multiple - price would be about 25k cr.
BAT will hold about ~17.5% (29%*60%) of the resultant entity which it will look to exit ASAP (towards deleveraging and divesting non core exposure)
BAT’s stake would be worth £400m - they’ve got an earnings call on the 26th.
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