Freshfields Bruckhaus Deringer has advised Japan Tobacco (JT) in its $2.4 billion acquisition of Vector Group, the fourth-largest tobacco company in the United States. Sullivan & Cromwell advised Vector on the sale.
A JT-backed company will launch a tender offer for Vector shares at $15 per share to take Vector shares private, JT said in a statement.
“This transaction will significantly increase our US presence, boosting our market share from 2.3 percent to approximately 8.0 percent and giving us full ownership of two of the top-10 US cigarette brands. The transaction will enable us to also strengthen our distribution network, and create mid to long-term strategic opportunities to boost our competitiveness in this major tobacco market,” said Eddy Pirard, president and CEO of JT International.
The Freshfields Team leading the deal included corporate/M&A partners Sebastian Fain and Paul Humphreys, and associates Brayden Koslowsky, Simon Trisk, Charlie Carroll, and Ruth Levy, with assistance from Vinita Sithapathy, Max Sanders, David Chambers, Devony Schmidt, and Madeline Goodlad.
The Sullivan & Cromwell team was led by M&A partners Alison Ressler and Alan Fishman.
