Cleary Gottlieb represented Philip Morris International Inc. (“PMI”) in its acquisition of 49% of the shares of UAE-based Arab Investors-TA (FZC) (“AITA”) for $625 million, which closed on September 30, 2013.
Through its acquisition of 49% of AITA, PMI will secure an almost 25% economic interest in the Société des Tabacs Algéro-Emiratie (“STAEM”), a joint venture that is 51% owned by AITA and 49% by the Algerian state-owned Société Nationale des Tabacs et Allumettes SpA, the market leader in Algeria. STAEM manufactures and distributes under license PMI’s Marlboro and L&M brands. The deal also opens additional business opportunities for PMI in Egypt and certain other North African and Middle Eastern markets.
