Tobacco Inc to buy Mighty Corp for $936m

Dhaka,  Tue,  26 September 2017
Published : 22 Aug 2017, 13:17:34
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Tobacco Inc to buy Mighty Corp for $936m

Tobacco Inc to buy Mighty Corp for $936m
Reuters
Japan Tobacco Inc said on Tuesday it would buy the tobacco business of the Philippines' Mighty Corp for about $936 million (726 million pounds) as it aims to gain a foothold in the market.

The transaction is expected to be completed in the third quarter following regulatory clearance, the company said in a statement.

Facing a shrinking smoking population at home, Japan Tobacco has been on a buying spree in emerging Asian markets.

This month it agreed to buy an Indonesian maker of "kretek" tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world's second-largest tobacco market.
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