Salem Radio Network News Saturday, November 26, 2022

Business

Altria reaches $2.7 billion deal with Philip Morris to sell U.S. IQOS rights

(Reuters) -Altria Group Inc said on Wednesday its unit has reached a $2.7 billion deal with Marlboro maker Philip Morris International Inc’s unit to sell the U.S. commercialization rights for its IQOS heated tobacco products.

Altria has received a $1 billion payment from Philip Morris and will receive an additional payment of $1.7 billion by July 2023 for a total payment of about $2.7 billion pre-tax, according to the statement.

Separately, the Wall Street Journal reported on Wednesday that Philip Morris is planning to raise its offer for Swedish Match AB, citing people familiar with the matter.

(Reporting by Deborah Sophia in Bengaluru; editing by Diane Craft and Stephen Coates)

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