Philip Morris International Inc. is in talks to buy Swedish Match AB, a maker of smokeless tobacco products, in a deal that would accelerate the Marlboro-maker’s push beyond cigarettes.
Swedish Match and Philip Morris International confirmed the discussions in statements Monday, saying talks are ongoing and there’s no certainty that an offer will be made. If the deal occurs, it would become one of the largest transatlantic transactions this year.
Discussions are advanced and an agreement could be announced in the coming days, according to people familiar with the process, who asked not to be identified as the details aren’t public. Swedish Match has a market valuation of about $11.5 billion and a deal could value the company at $15 billion, according to Bloomberg Intelligence analyst Kenneth Shea.
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