NEW YORK (AP) - Cigarette seller Philip Morris is buying a 49 percent stake in Arab Investors-TA for $625 million.
NEW YORK (AP) — Cigarette seller Philip Morris is buying a 49 percent stake in Arab Investors-TA for $625 million.
Philip Morris International Inc., whose brands include Marlboro, said Monday that the transaction gives it a nearly 25 percent interest in the Société des Tabacs Algéro-Emiratie, a joint venture between Arab Investors-TA and Algerian state-owned Société Nationale des Tabacs et Allumettes SpA.
The Société des Tabacs Algéro-Emiratie makes and distributes Philip Morris' Marlboro and L&M brands under a license.
Philip Morris views Algeria as a key region for possible future growth.
The purchase is expected to add to Philip Morris' earnings per share starting next year.