European Investor
04 Dec 2025, 16:45
BAT to sell up to 15.3% stake in ITC Hotels via block trade
BAT announced plans to sell between 7 percent and approximately 15.3 percent of ITC Hotels’ outstanding shares through an accelerated bookbuild. The exact size of the block trade will be set to achieve the best pricing outcome, with proceeds earmarked to help the Group reach its target leverage corridor of 2–2.5x adjusted net debt/adjusted EBITDA by the end of 2026.
BAT’s stake in ITC Hotels arose from the hotel group’s demerger from ITC Limited earlier in 2025, after which ITC Hotels began trading as a public company. CEO Tadeu Marroco reiterated that the holding is non-strategic and that selling the shares aligns with BAT’s financial priorities.
Details on the final number of shares sold and net proceeds will be disclosed once the transaction is completed.
BAT announced plans to sell between 7 percent and approximately 15.3 percent of ITC Hotels’ outstanding shares through an accelerated bookbuild. The exact size of the block trade will be set to achieve the best pricing outcome, with proceeds earmarked to help the Group reach its target leverage corridor of 2–2.5x adjusted net debt/adjusted EBITDA by the end of 2026.
BAT’s stake in ITC Hotels arose from the hotel group’s demerger from ITC Limited earlier in 2025, after which ITC Hotels began trading as a public company. CEO Tadeu Marroco reiterated that the holding is non-strategic and that selling the shares aligns with BAT’s financial priorities.
Details on the final number of shares sold and net proceeds will be disclosed once the transaction is completed.
