LONDON - British American Tobacco (NYSE:BTI) p.l.c. (LSE:BATS) announced Thursday it has entered into an agreement with  Banco Santander  (BME:SAN) to execute the next phase of its share buyback program from July 31 through October 15, 2025.

The tobacco company stated that Santander will make trading decisions independently regarding the company’s shares. The repurchased shares will be cancelled as part of British American Tobacco’s strategy to reduce its share capital.

According to the press release, the maximum number of shares permitted for repurchase under the program is 220,451,469, minus any shares already purchased since shareholders granted the authority at the company’s 2025 annual general meeting.

The company specified pricing parameters for the buybacks, noting that the maximum price will not exceed 105 percent of the average market value derived from the  London Stock Exchange  (LON:LSEG)’s Daily Official List for the five business days preceding each purchase.

Additionally, pricing must comply with UK market regulations, including being no higher than the price of the last independent trade or the highest current independent purchase bid on the trading venue.

This announcement follows the initial share buyback program disclosure made on March 18, 2024. The company did not provide details about the total value of shares to be repurchased during this period.

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