JT Group to Acquire Vector Group for $2.4B

Japan's JT Group has agreed to acquire US tobacco company Vector Group for approximately $2.4 billion, with an offer of $15 per share, representing a 29.9% premium over the recent share price. The acquisition aims to enhance JT Group's presence in the US market and is unanimously supported by Vector's board. This transaction is expected to close in the fourth quarter of 2024, pending regulatory approvals. Howard M. Lorber, Vector's CEO, highlighted the deal's significant value for shareholders and opportunities for employees in the expanded organization. Vector Group, known for its Liggett brand, is the fourth largest tobacco company in the US and is expected to benefit from JT Group's global operations. Following the announcement, Vector's shares saw an increase of around 7.7% in pre-market trading.