FTSE 100 cigarette maker British American Tobacco has opted to use an in-house team of advisers for its latest large acquisition, meaning no seat at the table for recent advisers and new corporate broking line-up Deutsche Bank and UBS.

BAT, whose brands include Pall Mall and Lucky Strike, said on Monday it is buying tobacco company TDR from Croatia's Adris Grupa for an enterprise value of €550 million. EY has been mandated to work on finance and tax due diligence, while Baker & McKenzie has been hired on the legal side. No banks are involved.