Deal Detail

Ente Tabacchi Italiani SpA to BAT

Tobacco/Jul 2003

EV / LTM EBITDA

11.8x

EV / LTM Sales

3.3x

Enterprise Value

$2.7B

Primary Source

Barclays

Comparable Transactions

Tobacco transactions announced in the five years to July 2003. 2 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2002	Reemtsma Cigarettenfabriken GmbH	Imperial Tobacco Group p.l.c.	$5.1B	-	13.4x	Strategic
Jun 2001	Austria Tabak AG	Gallaher Group plc	$1.9B	-	7.4x	Strategic

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	LO FO	Barclays	2014	$2.7B	3.3x	11.8x	-	-	Open