British American Tobacco and Philip Morris International signed a trademark transfer agreement which will allow the companies to consolidate their ownership of certain international brands.

Under the agreement, Philip Morris International will acquire ownership of the Muratti Ambassador brand in certain markets and will also acquire the L&M and Chesterfield trademarks in Hong Kong and Macau. British American Tobacco will acquire the Benson & Hedges trademark in certain African countries.
The transactions are subject to regulatory approval and will result in a net payment to British American Tobacco of US$ 115 million. (ci)