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Philip Morris International Inc to acquire 20 pct interest in Russian Megapolis Group

Wednesday, 4 Dec 2013 07:00am EST 

Philip Morris International Inc (PMI):Says has signed an agreement to acquire a 20 percent equity interest in Megapolis Distribution BV, the holding company of CJSC TK Megapolis, PMI’s distributor in Russia.Says the purchase price of $750 million excludes an additional payment of up to $100 million which is contingent on Megapolis’s operational performance over the four fiscal years following the closing of the purchase.Says PMI expects the transaction to be completed by the end of 2013 without requiring regulatory approvals.Says the transaction is projected to be accretive to PMI’s earnings per share as of Q1 2014.Says Megapolis is a Russian consumer goods distributor focusing principally on tobacco and beverages.