PMI to Acquire Turkish Tobacco Company
According to Hurriyet Daily News, Philip Morris International will pay 2.88 billion Turkish lira ($325.9 million) to acquire the shares it does not already own in Turkish companies Philsa and PMSA. Philsa manufactures tobacco products, while PMSA is a dis
According to Hurriyet Daily News, Philip Morris International will pay 2.88 billion Turkish lira (325.9 million USD) to acquire shares of Turkish Philsa and PMSA that it does not already own.<\/span><\/div>
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Philsa manufactures tobacco products, while PMSA is a distribution company. Both were established in the 1990s.<\/span><\/div>
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PMI currently holds 75% of these companies. The current owner of the remaining shares, Sabancı Holding, has applied to the Turkish Competition Authority to sell its stakes in both companies.<\/span><\/div>
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The sales contract is expected to be signed after obtaining the necessary approvals from the authorities, with the purchase planned to be completed by the end of 2021.<\/span><\/div>
