A consortium of investors consisting of Allied Cigar and Gemstone Investment completed the acquisition of the premium cigars unit of Imperial Brands, a British multinational tobacco company, for €1.2bn ($1.3bn). "We are delighted to be able to announce the sale of Premium Cigars in the current challenging global environment. It has been a complex transaction involving joint venture partners and assets across multiple geographies and we would like to thank everyone involved for working so hard to get the deal agreed. This disposal reinforces our strategic ambition of becoming a leaner and more agile organisation and the proceeds will realise value for shareholders by reducing debt as part of our ongoing focus on active capital management," Dominic Brisby and Joerg Biebernick, Imperial Brands Joint Interim CEOs.