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US tobacco manufacturer Vector Group (NYSE:VGR) announced on Wednesday that it has reached an agreement to be acquired by JT Group in a transaction valued at $2.4 billion.
Under the terms of the agreement, JT Group will offer $15.00 per share in cash for Vector Group. The deal, which is anticipated to close in the fourth quarter of this year, marks a significant development for both companies.
Howard M. Lorber, President and Chief Executive Officer of Vector Group, highlighted the alignment between the two companies in terms of their commitment to quality and excellence in the US cigarette market. Lorber expressed confidence that the transaction delivers substantial value to Vector Group’s shareholders and opens up new opportunities for its employees, who will join a leading global organization. He praised JT Group for its respect towards Liggett Vector Brands' legacy of high-quality, value-focused products and looked forward to JT Group continuing to meet evolving customer needs.
JT Group, headquartered in Tokyo, operates a global tobacco business and is known for manufacturing and selling renowned brands such as Winston, Camel (outside the US), MEVIUS, and LD. Its global reach extends to over 130 markets.
This acquisition represents a strategic expansion for JT Group, integrating Vector Group’s established presence and portfolio into its operations. The transaction is expected to enhance JT Group’s position in the tobacco industry by broadening its brand offerings and market coverage.
The deal underscores a strategic move by JT Group to consolidate its position in the competitive global tobacco market, leveraging Vector Group’s assets and expertise to strengthen its global footprint.
