09:08 AM EST, 01/14/2025 (MT Newswires) -- British American Tobacco ( BTI ) shares fell more than 1% in recent Tuesday premarket activity after Reinet Investments said it has agreed to sell a stake in the company for 1.22 billion pounds ($1.49 billion).

Reinet said it offered 43.3 million British American Tobacco ( BTI ) shares through JPMorgan Chase (JPM) at 28.20 pounds per share.

Reinet said the proceeds from the offering would be used for "ongoing investment activity."

Price: 34.98, Change: -0.37, Percent Change: -1.05