JT Group agreed to acquire Vector Group, the fourth-largest US cigarette maker and owner of Liggett, for $15 per share in cash, or about $2.4 billion for the equity. The deal was carried out through a tender offer and merger and was completed in early October 2024. The deal JT agreed on August 21, 2024 to pay $15 a share in cash for Vector Group, a 29.9% premium to its 60-day average share price, for an equity value of about $2.4 billion. The deal ran as a tender offer followed by a merger and closed on October 7, 2024, nearly three months earlier than the end-of-year target. What Vector brings Vector, based in Miami, owns Liggett, the fourth-largest US cigarette maker, whose brands sell mainly at discount prices. It also owned New Valley, a real estate investment unit. Why JT wanted it The US is one of the world's most profitable cigarette markets, but JT had little share there. JT said the deal fits its tobacco strategy and lifts returns from its traditional cigarette business, giving it a US sales network to build on.
