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Reynolds American Inc to acquire Lorillard in transaction valued at $27.4 bln and reaches agreement with Imperial

Tuesday, 15 Jul 2014 07:00am EDT 

Reynolds American Inc and Lorillard, Inc:RAI has agreed to acquire Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4 bln, including the assumption of net debt.Lorillard shareholders will receive, for each Lorillard share, $50.50 in cash and 0.2909 of a share in RAI stock at closing.RAI also reached an agreement with Imperial, under which Imperial has agreed to purchase the KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets and liabilities for a total consideration of $7.1 bln in cash.RAI expects to receive net cash proceeds of about $4.4 bln after taxes.As part of the divestiture, Imperial will acquire certain assets owned by Lorillard including its manufacturing and R&D facilities in Greensboro, N.C., and about 2,900 employees, including a national sales force.Lazard is lead financial advisor to RAI and J.P. Morgan Securities LLC is financial advisor.RAI's legal advisor is Jones Day.Lorillard's financial advisors are Centerview Partners and Barclays and its legal advisor is Simpson Thacher & Bartlett. 

Company Quote

-0.19 -0.29%
24 Dec 2014