Cleary Gottlieb represented Philip Morris International Inc. (“PMI”) in its agreement with Trans-Emirates Trading & Investment (FZC) (“TTI”) to create a new cigarette manufacturing and distribution joint venture in Egypt.
PMI is the leading international tobacco company, with seven of the world’s top 15 international brands, including Marlboro, the number one cigarette brand worldwide. TTI is beneficially owned by UAE-based investors controlling a number of consumer products distribution companies throughout the Middle East.
The joint venture is structured through a UK-incorporated holding company, Philip Morris Egypt Holdings Ltd (“PMEH”), and a newly formed Egyptian company, Philip Morris Misr LLC (“PMM”). The purpose of the joint venture is to allow PMI to manufacture cigarettes in Egypt for the Egyptian market.
The deal signed on September 30, 2013 and closed on January 29, 2014.
