Philip Morris International Inc. (“PMI”) to Acquire Remaining 20% Interest in Its Mexican Subsidiary
NEW YORK--(BUSINESS WIRE)--May. 21, 2013--
Philip Morris International Inc. (NYSE / Euronext Paris: PM) announces
that Grupo Carso, S.A.B. de C. V. (“Grupo Carso”) will sell to PMI its
20% interest in Philip Morris Mexico, S.A. de C.V. (“PMM”), PMI’s
Mexican tobacco business. The final purchase price, currently estimated
to be approximately $700 million, will be determined by a pre-agreed
formula. It is subject to a potential adjustment based on PMM’s actual
performance over three years ending two fiscal years after the closing
of the purchase. The transaction, as a result of which PMI will own 100%
of PMM, is expected to be completed by September 30, 2013, subject to
the approval of the Mexican antitrust authority, and is projected to be
immediately marginally accretive to PMI’s earnings per share as of the
fourth quarter of 2013.
PMI's relationship with Grupo Carso, and its founder Carlos Slim Helú,
spans more than 30 years. "We would like to express our profound
gratitude to Carlos Slim Helú and Grupo Carso, with whom we have built a
successful partnership that has positioned PMM as the leading tobacco
company in Mexico," said André Calantzopoulos, Chief Executive Officer
of PMI. "We have benefited greatly from our partnership with Grupo Carso
and we remain confident in our ability to excel in this important market
in the years ahead,” added James Mortensen, PMI’s President, Latin
America and Canada Region.
“After more than 30 years of a very successful partnership of great
harmony and cooperation that led PMM to continuous market share growth
in the Mexican tobacco market, it is now time to leave PMM in the hands
of one of the best management teams and organizations in the world, led
by Louis C. Camilleri and André Calantzopoulos,” expressed Mr. Carlos
Slim Helú on behalf of Grupo Carso. Mr. Carlos Slim Helú is a member of
the Board of Directors of PMI.
In 2012, PMI’s market share of Mexico’s total tax-paid cigarette
industry volume of 33.6 billion cigarettes was 73.5%. PMI’s flagship
brand, Marlboro, is the leading brand in Mexico with a market
share in 2012 of 53.6%.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with seven of the world’s top 15 international brands,
including Marlboro, the number one cigarette brand worldwide.
PMI’s products are sold in more than 180 markets. In 2012, the company
held an estimated 16.3% share of the total international cigarette
market outside of the U.S., or 28.8% excluding the People’s Republic of
China and the U.S. For more information, see www.pmi.com.
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