TOKYO, Aug 22 (Reuters) - Japan Tobacco Inc said on Tuesday it would buy the tobacco business of the Philippines’ Mighty Corp for about $936 million as it aims to gain a foothold in the market.
The transaction is expected to be completed in the third quarter following regulatory clearance, the company said in a statement.
Facing a shrinking smoking population at home, Japan Tobacco has been on a buying spree in emerging Asian markets.
This month it agreed to buy an Indonesian maker of “kretek” tobacco and clove cigarettes, together with its distributor, for $677 million, giving it a bigger footprint in the world’s second-largest tobacco market. (Reporting by Chang-Ran Kim; Editing by Edwina Gibbs)