烟草在线据《烟业通讯》报道编译　　日本烟草公司11月16日称，该公司已签订协议，收购埃及纳哈拉烟草公司和纳哈拉自由区烟草公司（合称纳哈拉）所有的已发行股票。

　　“该协议是由日烟集团和控制纳哈拉烟草公司的BATATAS.A签订的，”日本烟草在其网站上发布的消息称。

　　“日本烟草预计在截至2013年3月31日的本财年内完成收购工作。”

　　“总部及两个工厂均位于埃及开罗和Shebin El Kom的纳哈拉烟草公司是全球领先的水烟烟草（也称糖蜜和水烟）生产商之一，在埃及国内市场占有重要的市场份额。”

　　“该公司向85个国家出口水烟，主要出口到水烟有着根深蒂固传统的中东和北非等国家。”

　　“传承了近100年行业经验的纳哈拉烟草首先提出了芬芳糖蜜的概念，在埃及同类市场占有70%的市场份额。”

　　“通过包括El纳哈拉、经典、Mizo和其它流行商标的多元化品牌组合，纳哈拉2011年的总销量大约为2.4万吨（销量大致等同于240亿支卷烟）。”

　　“收购纳哈拉烟草为水烟业务增长提供了绝佳机会，扩大了我们的品牌组合，符合我们通过一系列烟草产品类别满足成年消费者需求的战略，”日烟国际负责中东、近东、非洲和土耳其地区以及全球免税业务的区域总裁Fadoul Pekhazis说道。

　　“而且，收购纳哈拉烟草还能扩展日烟国际在中东和非洲的地理足迹，在长期内，可为日烟国际进军埃及可观的卷烟市场提供平台。”

　　日本烟草称，公司计划通过日烟集团的现有资金资助收购，如有必要，还将通过贷款措施资助收购。

　　“收购交易是根据纳哈拉烟草的息税、折旧、摊销前基本收益的高至单位倍数估值的，”日本烟草称。

　　“预计收购将会对日烟集团的综合业绩、现金流和资产负债表的影响较小。”

评论：

　　日本烟草公司一直致力于扩展其在海外的市场足迹，这次收购埃及的百年水烟企业纳哈拉，不仅可以扩充其产品的种类，实现多元化品牌组合，还能够继承纳哈拉公司在中东和北非等80多个国家的市场资源，而这将为日本烟草国际公司进入埃及和北非等地的卷烟市场提供一个很好的平台。日烟国际去年以4.5亿美元收购了同样位于非洲北部的苏丹Haggar卷烟公司，今年又将埃及市场纳入版图，可见日本烟草公司开始在这些控烟法规不太严格的市场寻求新的增长机会。

JT's Nakhla Acquisition is Platform for JTI Entry to Egypt's Cigarette Market

　　Japan Tobacco Inc. said today that it had entered into an agreement to acquire all of the outstanding shares of Al Nakhla Tobacco Company S.A.E. and Al Nakhla Tobacco Company - Free Zone S.A.E. (collectively, Nakhla).

　　'The agreement has been signed1 between the JT Group and BATATAS.A., which controls Nakhla,' JT said in a note posted on its website.

　　'JT expects to complete the acquisition in the fiscal year ending March 31, 2013.

　　'Nakhla, with headquarters and two factories in Cairo and Shebin El Kom, Egypt, is one of the world's leading waterpipe tobacco (also known as molasses and shisha) manufacturers with an important presence in its home market.

　　'It exports to 85 countries, primarily in the Middle East and North Africa where such products have a deep rooted heritage.

　　'With a heritage of almost 100 years of industry experience, Nakhla pioneered the concept of aromatic molasses and holds a 70 per cent market share in this segment in Egypt.

　　'Nakhla's total sales volume was approximately 24,000 tons in 2011 (roughly comparable to 24 billion cigarettes by volume), across a diverse brand portfolio comprising El Nakhla, Classic, Mizo and other popular trademarks.'

　　"Our acquisition of Nakhla offers an excellent opportunity for growth in the waterpipe segment and widens our brand portfolio, in line with our strategy to address the needs of adult consumers across a range of tobacco product categories" commented Fadoul Pekhazis, Japan Tobacco International's regional president of its Middle East, Near East, Africa and Turkey regions, and its World-wide Duty Free operations.

　　"Furthermore, the acquisition enhances JTI's geographical footprint in the Middle East and Africa, and over the long-term provides a platform for JTI to participate in the sizeable cigarette market in Egypt."

　　JT said it was envisaged that the acquisition would be funded by JT Group's existing funds and, if necessary, by loan facilities.

　　'The transaction is valued at a high single digit multiple of Nakhla's underlying earnings before interest, tax, depreciation and amortization in 2011,' JT said.

　　'The acquisition is expected to have a minor effect on the Group's consolidated performance, cash flow and balance sheet.' Enditem