Altria Group said Tuesday it closed its acquisition of UST, the biggest player in the US smokeless tobacco market.

The buyout was valued at USD 10.4 billion (EUR 7.7 billion), plus the assumption of USD 1.3 billion in debt. Altria will pay UST shareholders USD 69.50 a share. UST's common shares will no longer trade on the New York Stock Exchange.
Altria held off on closing the deal until 2009 at the suggestion of its lenders, a sign of how tight the credit markets had become last fall.
The purchase gives Altria a leading position in the expanding market for smokeless tobacco. (pi)