Philip Morris International to Acquire Stake in Eastern Company S.A.E

May 23, 2024

Cleary Gottlieb advised Philip Morris International (PMI) on the acquisition of a minority indirect stake (14.7%) in Egypt-based Eastern Tobacco Company (Eastern), Egypt’s largest cigarette manufacturer whose portfolio also includes cigars, pipe tobacco, among others.

As part of this acquisition, PMI and Eastern seek to explore, on a non-exclusive basis, potential strategic areas for mutual long-term collaboration, in the fields of technology, manufacturing, and innovation, paving the way to an accelerated path toward a smoke free future in Egypt.

For more information, please see the press release here.