Philip Morris to acquire remaining 20% interest in Mexican subsidiary

theflyonthewall.com

Philip Morris International announces that Grupo Carso will sell to PMI its 20% interest in Philip Morris Mexico, PMI's Mexican tobacco business. The final purchase price, currently estimated to be approximately $700M, will be determined by a pre-agreed formula. It is subject to a potential adjustment based on PMM's actual performance over three years ending two fiscal years after the closing of the purchase. The transaction, as a result of which PMI will own 100% of PMM, is expected to be completed by September 30, 2013, subject to the approval of the Mexican antitrust authority, and is projected to be immediately marginally accretive to PMI's earnings per share as of the Q4.

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