Tobacco giant Altria Group Inc. said today it completed the acquisition of Stamford chewing tobacco maker UST Inc.
The transaction is valued at approximately $11.7 billion, which includes the assumption of approximately $1.3 billion of debt.
Altria, based in Richmond, Va., is the parent of Philip Morris Co., whose tobacco brands include Marlboro. Through UST, Altria acquired the Copenhagen and Skoal chewing tobacco brands and the Ste. Michelle Wine Estates line of premium wines.
As a result of the closing of the transaction, shareholders of UST common stock are entitled to receive $69.50 per share in cash for each share of common stock held as of today. Additionally, UST common stock no longer trades on the New York Stock Exchange.
As of October, UST employed about 350 in Stamford. (AP)
