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Philip Morris Makes Offer to Purchase Swedish Match

Philip Morris Holland Holdings B.V., an Affiliate of Philip Morris International Inc. (PMI), has announced a recommended cash offer of SEK 106 per share to the shareholders of Swedish Match AB to purchase the company. The total value of the offer amounts to approximately SEK $161.2 billion, or approximately USD $16 billion. An offer document regarding the offer is expected to be made public on or around June 22, 2022, and the acceptance period in the offer is expected to commence on or around June 23, 2022 and expire on or around Sept. 30, 2022. The board of directors of Swedish Match has also released a statement recommending that its shareholders accept the offer.

"We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future," said Jacek Olczak, CEO of PMI. "Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the U.S. and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission."