The world’s second-largest traded cigarette maker, British American Tobacco, agreed to buy South African vaping company Twisp, expanding in a continent where it has grown in since buying Rothmans in 1999.
The deal increases BAT’s offering of so-called next-generation products, or alternatives to smoking cigarettes, the London-based company said in a statement Thursday. It didn’t disclose the price of the deal or how it’s being funded.
The deal comes after Japan Tobacco also agreed to spend $434 million to raise its investment in Ethiopia’s tobacco monopoly to a majority stake. BAT appointed Kingsley Wheaton, formerly the head of next-generation products, to lead the Americas and sub-Saharan Africa region last month.
BAT shares rose 2.39% to R855.23 at the close in Johannesburg, extending gains for 2017 to 7.27%.