PMI to Acquire Turkish Tobacco Firms

Philip Morris International will pay TRY2.88 billion ($325.9 million) to purchase the shares it did not already own in Philsa and PMSA of Turkey, reports Hurriyet Daily News.

Philsa manufactures tobacco products and PMSA is a distribution company. Both were created in the 1990s.

PMI already holds a 75 percent share in the firms. The current owner of the remaining shares, Sabancı Holding, has applied to Turkey’s Competition Authority to sell its stakes in the two companies.

The sale contract is expected to be signed after necessary approvals by the authorities, and the purchase is scheduled for completion by the end of 2021.