PMI Eastern 14.7 % stake’s acquisition: the advisors

Cleary Gottlieb and Alliance Law advised Philip Morris International (PMI) on the acquisition of a minority indirect stake (14.7%) in Eastern Tobacco Company (Eastern), based in Egypt and producing cigarettes, cigars and pipe tobacco.

As part of this acquisition, PMI and Eastern plan to explore, on a non-exclusive basis, potential strategic areas for mutual long-term collaboration in the areas of technology, manufacturing and innovation, including heated tobacco products, paving the way for a smoke-free future in Egypt.

Cleary Gottlieb’s team

The Cleary Gottlieb’s deal team included partner Chris Macbeth (pictured above) and associates Nalin Bawa, Rawad Abou Jaoude, and Daniela Weerasinghe. Associate George Taylor assisted on certain corporate aspects. Partner Isabel Rooms advised on competition law matters. Richard Sultman (partner) advised on tax matters. Partner Laurie Achtouk Spivak advised on dispute resolutions matters. Senior attorney James Corsiglia advised on anti-bribery and corruption and anti-money laundering matters. Associate Samuel Chang advised on sanctions matters. Associate Mohamed Taha advised on SEC disclosure matters. Partner Edward Aldred and associate Jack Dryden advised on finance diligence matters. Associate Sulaf Al Saif and international lawyer Kay Hechaime assisted on the diligence aspects of the transaction.

Alliance Law’s team

Alliance Law advised Philip Morris International on all aspects of the transaction, specifically focusing on negotiation, definitive agreements, conducting the competition and capital market assessments, and assisting on all other legal matters until the final closing.

Managing partner Dr. Ashraf Abou Elkheir led the Alliance Law team of lawyers advising on the transaction. Partner and head of capital market Omar Farid, counsel and head of competition and distribution Dr. Fatma El-Zahraa Adel and M&A senior associate Haggar Mohamed led Alliance Law’s teams, with the support of IP senior associate Dr. Abdallah Nour El Dien, senior associate Ahmed Rady, associate Ahmad Hammam, associate Hala Nazmy, associate Nada Nabih, associate Mohamed Khaled and junior associate Nada Elmolla.

Dr. Ashraf Abou Elkheir