Altria Group to acquire 80% ownership of certain Burger Group companies
Altria Group earlier announced that it has entered into definitive agreements with the shareholders of Burger Sohne Holding AG, based in Switzerland, to acquire 80% ownership of certain companies of the Burger Group that will commercialize on! products worldwide. on! is an oral tobacco-derived nicotine pouch product. "We're excited to add on! to our companies' terrific non-combustible portfolio," said Howard Willard, Altria's Chairman and CEO. "Through our companies and investments, we have access to the leading products and brands in the moist smokeless tobacco, e-vapor and heated tobacco categories. This acquisition will add another non-combustible product to our portfolio in what we believe is a high-potential, rapidly-developing oral TDN products category." Upon closing, Altria will invest $372M for an 80% ownership interest in the global business. Altria expects to complete the transaction in the second half of 2019, subject to customary closing conditions, and to finance the transaction with available cash.