Japan Tobacco Inc. agreed to pay €475 million ($597 million) for Belgium-based Gryson NV to boost growth in Europe's roll-your-own cigarette market in the biggest purchase by a tobacco company since 2009.
The maker of Camel and Mild Seven cigarettes will pay 12.3 times the estimated 2012 earnings for all outstanding shares of Gryson, the Tokyo-based company said in a statement Thursday.
The purchase gives Japan Tobacco control of Gryson's Fleur du Pays brand, France's largest selling roll-your-own cigarettes.
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