Deal Detail

Lorillard, Inc. to RAI

Tobacco/Jul 2014

EV / LTM EBITDA

13.8x

EV / LTM Sales

Enterprise Value

$27.9B

Primary Source

JPMorgan

Comparable Transactions

Tobacco transactions announced in the five years to July 2014. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Jul 2014	RAI	Imperial Brands	$7.1B	-	8.8x	Strategic
Jul 2014	Lorillard, Inc. and RAI assets	Imperial Tobacco Group p.l.c.	$7.1B	-	8.8x	Strategic
May 2012	Gryson NV	Japan Tobacco Inc.	$598M	-	12.3x	Strategic
Jul 2011	Haggar Cigarette & Tobacco Factory	Japan Tobacco Inc.	$450M	-	9.9x	Strategic
May 2011	Productora Tabacalera de Colombia, S.A.S. (Protabaco)	BAT	$452M	-	11.3x	Strategic
	Mean			-	10.2x
	Median			-	9.9x

Source-specific multiples and notes for this transaction.

Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
Primary	fairness opinion	RAI FO	JPMorgan	2017	$27.9B	-	13.8x	-	-	Open
-	fairness opinion	RAI FO	Lazard	2017	$27.4B	-	13.1x	-	-	Open
-	fairness opinion	RAI FO	Goldman Sachs	2017	$27.6B	-	13.9x	-	-	Open
-	fairness opinion	RAI FO	Lazard	2017	$27.4B	-	13.1x	-	-	Open