Tobacco company Philip Morris International Inc. (NYSE: PM) is buying the rest of its Mexican subsidiary for about $700 million.
Currently, 20 percent of Philip Morris Mexico SA de CV, Philip Morris’ Mexican tobacco business, is owned by Grupo Carso SAB de CV, a company founded by billionaire Carlos Slim (pictured).
The deal is expected to close by Sept. 30.
In 2012, Philip Morris’ market share of Mexico’s tax-paid cigarette industry was 73.5 percent. The company’s Marlboro cigarettes make up more than 53 percent of cigarette sales in the country.
In addition to Marlboro, Philip Morris owns L&M, Bond Street, Parliament, Philip Morris, Chesterfield, Red & White, Next, Sampoerna, Dji Sam Soe, U Mild, Hope, Diana, Optima and other brands of cigarettes.