Philip Morris International (PMI) has announced that it is to acquire an additional 30 per cent in its Mexican tobacco business, for a price of approximately USD 1.1 billion.
The deal will bring PMI’s share from 50 to 80 per cent and is expected to be completed later this year. The joint venture partner in the business, Grupo Carso, would retain a 20-percent stake.
Andre Calantzopoulos, president and CEO of PMI, said that the acquisition "demonstrates our ongoing commitment to Mexico and our confidence in the future of our business in Latin America." PMI also announced that the founder of Grupo Carso, Carlos Slim Helú, will continue to serve as an advisor to Philip Morris Mexico, and will remain an active partner in the Mexican tobacco business.