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Altria Agrees To Acquire UST: Report

Altria Agrees To Acquire UST: Report

The cigarette maker agrees to chewing tobacco company UST for $10.3 billion, according to a media report.
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The cigarette maker agrees to chewing tobacco company UST for $10.3 billion, according to a media report.

Altria Group

(MO)

agreed to acquire

UST Inc.

(UST)

for about $10.3 billion in cash, according to a published media report.

Under terms of the deal expected to be announced Monday, Altria plans to pay about $70 a share, the Wall Street Journal reports, citing people familiar with the matter. Shares of UST closed Friday at $67.55.

Altria owns Philip Morris USA, the largest U.S. cigarette maker and the producer of the Marlboro brand. UST makes Copenhagen and Skoal chewing tobacco.

This article was written by a staff member of TheStreet.com.