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The Deal: Philip Morris Inhales Mexican JV

New York-based Philip Morris International was spun off by Altria Group (MO - Get Report) in 2008, in a $100 billion transaction. That spinoff, however, did not include Philip Morris USA Inc., which is still part of Altria.

Philip Morris International's business sells well-known cigarette brands such as Marlboro and Parliament outside of the U.S., with a 16.3% market share in 2012 including China.

The company had net revenue of about $77 billion in 2012, approximately $46 billion of which consisted of excise taxes, while it generated about $8.8 billion in net earnings.

Written by Richard Collings in New York

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