British American Buys Bulgartabac Brands in $106 Million Deal

British American Tobacco Plc, Europe’s largest cigarette maker, bought brands of Bulgaria’s dominant tobacco company Bulgartabac Holding AD and a 100 percent stake in its distribution unit for more than 100 million euros ($106 million).

The biggest foreign investment in Bulgaria this year includes ownership of Bulgartabac’s distribution company Express Logistics & Distribution EOOD and tobacco brands Victory, Eva Slim and GD, British American said in an emailed statement on April 12. The transaction needs antitrust approval and is expected to be completed by mid-2017.

The acquisition “will provide BAT with a leading market share of 40 percent, up from ...