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PMI to take over Swedish Match in USD 16 billion deal

11 May 2022. Swedish Match has agreed to a USD 16 billion takeover by Philip Morris International (PMI) with the deal now subject to shareholder approval, according to The Wall Street Journal.

The deal marks a huge step for PMI in moving away from cigarettes and focusing on alternative products. Swedish Match is a market leader in oral nicotine pouches and its product Zyn is the largest nicotine pouch brand in the US making the takeover even more attractive for PMI as the company has been looking for ways to increase its presence in the United States, according to The Financial Times.

PMI announced that it would pay SEK 106 (USD 10.57) per share for Swedish Match with the total value of the Offer amounting to approximately SEK 161.2 billion (USD 16.0 billion).

According to a company press release, The Board of Directors of Swedish Match AB recommends that the shareholders of Swedish Match accept the offer.

Jacek Olczak, Chief Executive Officer of PMI commented: "We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future. Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the U.S. and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission."