Philip Morris International Inc. (PM) announced Tuesday that Grupo Carso, S.A.B. de C. V. will sell to Philip Morris International its 20% interest in Philip Morris Mexico, S.A. de C.V., the company's Mexican tobacco business.
The company said that the final purchase price, currently estimated to be about $700 million, will be determined by a pre-agreed formula. It is subject to a potential adjustment based on Philip Morris Mexico's actual performance over three years ending two fiscal years after the closing of the purchase.
As a result of the transaction Philip Morris International will own 100% of Philip Morris Mexico.
The transaction is expected to be completed by September 30, 2013, subject to the approval of the Mexican antitrust authority. The transaction is projected to be immediately marginally accretive to Philip Morris International's earnings per share as of the fourth quarter of 2013.
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