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Altria closes UST purchase in deal worth $10.4 billion

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JOURNAL STAFF AND WIRE REPORT

Published: January 7, 2009

RICHMOND - Altria Group Inc. said yesterday that it has closed its purchase of UST Inc., a smokeless-tobacco company.

The transaction was valued at $10.4 billion, plus the assumption of $1.3 billion in debt. The deal gives UST shareholders $69.50 for each share.

UST becomes a subsidiary of Altria, the owner of the No. 1 U.S. cigarette-maker, Philip Morris USA.

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Altria closes UST purchase in deal worth $10.4 billion

JOURNAL STAFF AND WIRE REPORT