Altria in talks to merge with Philip Morris International

Published August 27, 2019 by Richard Foster

Henrico County-based Altria Group Inc. announced Tuesday that it's discussing an all-stock “merger of equals” with spinoff company Philip Morris International Inc.

“There can be no assurance that any agreement or transaction will result from these discussions,” the company said in a press release. “Additionally, there can be no assurance that if an agreement is reached, that a transaction will be completed. Any transaction would be subject to the approval of the two companies's boards and shareholders, and regulators, as well as other conditions.”

A longtime Fortune 500 company listed among the S&P 500, Altria is the parent company of Richmond-based tobacco products manufacturer Philip Morris USA, best known for its Marlboro cigarettes brand. Altria holds significant minority stakes in Belgian international beer brewer Anheuser-Busch InBev SA/NV, as well as San Francisco-based e-cigarette manufacturer Juul Labs and Canadian cannabis company The Cronos Group.

Altria spun off Philip Morris International into an independent company in 2008. Based in New York, Philip Morris International is also a Fortune 500 company and manufactures Marlboro cigarettes and other tobacco products and brands for sale in more than 180 nations outside the United States.