Deal Detail

Reemtsma Cigarettenfabriken GmbH to Imperial Tobacco Group p.l.c.

Tobacco/Mar 2002

EV / LTM EBITDA

13.4x

EV / LTM Sales

Enterprise Value

$5.1B

Primary Source

JPMorgan

Comparable Transactions

Tobacco transactions announced in the five years to March 2002. 1 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
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	RAI FO	JPMorgan	2017	$5.1B	-	13.4x	-	-	Open
	-	fairness opinion	LO FO	Barclays	2014	$5.1B	2.5x	12.7x	-	-	Open