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. 

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