Jake M. Robson, Shirin Tang, and Gordon A. Milner
Mergers + Acquisitions
MoFo News Item
A cross-office team of Morrison & Foerster attorneys is advising JT International SA as international counsel on its acquisition of the assets related to the tobacco business of Mighty Corporation for a total of PHP 46.8 billion (approximately USD 936 million). This is one of the largest M&A deals by value in the Philippines this year.
The assets include Mighty Corporation's distribution network, manufacturing equipment, inventories and tobacco related intellectual property. The transaction is expected to be completed in the third quarter of this year following regulatory clearances.
Mighty Corporation is the second largest tobacco company, with a 23% market share, in the Philippines, the 10th largest tobacco market in the world. Mighty holds a leading position in the value segment, which accounts for more than 50% of the industry volume, with strong local brands such as "Mighty" and "Marvels". Its established distribution network reaches outlets nationwide.
The MoFo team advising JT International SA is being led by Singapore corporate partners Jake Robson and Shirin Tang and senior associate Nick Davies. Other key team members include Hong Kong Technology and IP partner Gordon Milner and Asia head of Disputes Craig Celniker. The Morrison & Foerster team was supported by SyCip Salazar Hernandez & Gatmaitan in respect of Philippine law matters and Castillo Laman Tan & San Jose is advising Mighty Corporation.
For more information, see Japan Tobacco Inc.'s press release.
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