Kingsway Capital in talks with Big Tobacco over AIR stake sale - sources | Reuters
Britain's Kingsway Capital has started meetings with big tobacco firms as the private equity firm prepares to sell its stake in Dubai-based tobacco business Advanced Inhalation Rituals (AIR), two sources familiar with the matter told Reuters.
Kingsway, the majority owner of AIR, has held talks with potential investors including British American Tobacco (BATS.L) and Japan Tobacco (2914.T), said the sources, declining to be named as the matter is not public.
The talks are part of a dual-track process, where a seller pursues a sale and an initial public offering (IPO) at the same time.
Reuters reported in March that Kingsway had hired Rothschild & Co (ROTH.PA) to advise it on options for AIR, including a possible IPO.
Kingsway, Rothschild and Japan Tobacco did not immediately respond to a request for comment. AIR and BAT declined to comment.
An IPO would take place in the region, either on Saudi Arabia's Tadawul or the Abu Dhabi Securities Exchange, the same sources told Reuters in March.
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