Japan Tobacco Inc. (JT) (TSE: 2914) announced today that the JT Group has completed the acquisition of assets related to the tobacco business of Mighty Corporation. The agreement to acquire these assets was announced in the Company’s August 22, 2017 statement1 .
The acquisition is in line with JT Group’s geographic expansion for sustainable growth. It also provides a nationwide distribution network in the Philippines and strengthens the Group’s brand portfolio with the addition of local brands such as “Mighty” and “Marvels”.
The total amount of the acquired assets is PHP 46.8 billion (approximately USD 936 million)2 .
The transaction will not have any material impact on JT Group’s consolidated performance for the fiscal year 2017.
1https://www.jt.com/media/news/2017/pdf/20170822_02.pdf
2The total amount of the transaction including value added tax is PHP 52.6 billion (approximately USD 1,052 million).