Philip Morris Buying Protabaco (Colombia) for US$ 452M

Philip Morris International (PM), which sells Marlboro cigarettes overseas, announced that it was buying privately owned Colombian cigarette maker Protabaco for $452 million. Protabaco is known in Colombia for its Mustang, Premier, and President branded cigarettes.

This is the second recent acquisition by Philip Morris International; the company had earlier this month purchased Swedish Match South Africa's pipe tobacco and snuff division for $222 million.