British American Tobacco picks UBS for 2026 buyback tranche

British American Tobacco launches a new buyback tranche.

BAT PLC, a London-based cigarette and nicotine product maker, has hired UBS AG London Branch, part of UBS Group AG, to run the first tranche of the GBP1.3 billion extension to its share buyback programme that BAT had announced on Tuesday.

The tranche will start on January 2 and be completed by February 11. BAT will release its 2025 results the next day, on February 12.

BAT currently is in the process of completing a GBP1.60 billion share buyback launched back in 2024. The buybacks are partly to return the proceeds of BAT's sale of part of its stake in India's ITC Hotels Ltd.