Philip Morris International Inc. (NYSE: PM) (PMI) has purchased its remaining 25% share in Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret A.S (PHILSA) and Philip Morris SA Philip Morris Sabanci Pazarlama ve Satis A.S. (PMSA). PMI has been the majority (75%) shareholder of PHILSA and PMSA since their founding in the early 1990s. As a result of this transaction, PMI acquired 100% of shares through its subsidiaries.
Following approval by the Competition Board, the share transfer was made on January 5, 2022 with a purchase price corresponding to TRY 2.7bn paid on the same date. The final purchase price is subject to predetermined adjustments based on audit results of PHILSA and PMSA for fiscal year 2021.
PMI Middle East, Africa, and Duty Free President Drago Azinovic expressed the company’s gratitude and said that the subsidiaries and the parent have has a very successful partnership since the early 1990s. “We have been investing in Philip Morris Sabanci and its employees for more than 30 years, as well as in social, economic and agricultural programs in Turkey. Innovation, development and digital transformation are our top priorities,” he said in a press release. The acquisition reflects PMI’s trust and commitment to Turkey’s future and economy, he added.