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Scandinavian Tobacco Group (STG) has agreed to sell its fine-cut tobacco brands BREAK and Moro to Japan Tobacco Inc. (JT) in a deal valued at €176 million ($195 million), marking a strategic move for both companies in the European tobacco market.
According to STG, the transaction reflects a pre-tax enterprise value of approximately DKK 1.3 billion and is expected to be completed by the end of the year, pending customary regulatory approvals.
The BREAK and Moro brands are primarily marketed in Germany, one of Europe’s largest tobacco markets. Their acquisition will strengthen Japan Tobacco’s portfolio in the fine-cut tobacco segment while allowing Scandinavian Tobacco Group to further streamline its brand portfolio and focus on its core business operations.
Financially, the brands played a modest but meaningful role in STG’s performance. In 2025, BREAK and Moro accounted for around 4% of the company’s reported net sales and gross profit before special items. They also contributed approximately 6% of EBITDA before special items, highlighting their profitability despite representing a relatively small share of the group’s overall business.
The agreement underscores ongoing consolidation in the global tobacco industry as companies continue reshaping their product portfolios to strengthen market positions and improve operational efficiency. For Japan Tobacco, the acquisition provides an opportunity to expand its footprint in Germany’s fine-cut tobacco market, while STG benefits from the proceeds of the divestment to support its long-term strategic priorities.
The sale remains subject to regulatory clearance and other customary closing conditions. If approved, the transaction is expected to be finalized before the end of 2026, officially transferring ownership of the BREAK and Moro brands to Japan Tobacco.
The acquisition reflects the continued evolution of the tobacco sector, with leading manufacturers pursuing targeted investments and portfolio optimization to enhance growth and competitiveness in key international markets.
