British American Tobacco (BAT) completed the acquisition of Reynolds American Inc. (RAI), the number two cigarette maker in the US, and will become the world’s largest publicly listed tobacco company.

“This is a transformational deal. We will take the best of the best from both businesses across all areas to create a stronger, more sustainable company,” said BAT Chief Executive Officer Nicandro Durante. Shareholders of both companies approved the offer earlier in July.
Shareholders will receive USD 29.44 (EUR 25.27) and 0.5260 in new BAT stock for each RAI share. BAT is acquiring the 57.8 per cent of RAI that it does not already own. Former RAI shareholders will own 19 per cent of the merged company. BAT issued 429,030,727 new ordinary shares to meet terms of the deal.