August 22, 2017 / 6:22 AM / a year ago

Japan Tobacco to buy Philippine cigarette maker Mighty for $936 mln

TOKYO, Aug 22 (Reuters) - Japan Tobacco Inc said on Tuesday it would buy the tobacco business of the Philippines’ Mighty Corp for about $936 million as it aims to gain a foothold in the market.

The transaction is expected to be completed in the third quarter following regulatory clearance, the company said in a statement.

Facing a shrinking smoking population at home, Japan Tobacco has been on a buying spree in emerging Asian markets.

This month it agreed to buy an Indonesian maker of “kretek” tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world’s second-largest tobacco market. (Reporting by Chang-Ran Kim; Editing by Edwina Gibbs)

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