NEW YORK (AP) — Reynolds American, the company behind Camel and Pall Mall cigarettes, said its $25 billion deal to buy rival Lorillard will be completed on Friday.
The announcement Monday came after Reynolds received approval from a U.S. court to sell some brands, including Kool, Salem and Maverick, to U.K. company Imperial Tobacco for $7.1 billion. Reynolds first announced it was buying Winston, North Carolina-based Lorillard last year. As part of the deal, Lorillard will bring its best known brand, Newport, to Reynolds.
Reynolds, which is based in Winston-Salem, North Carolina, said it expects its combination with Lorillard to increase revenue to more than $11 billion a year. Last year, Reynolds reported revenue of $8.5 billion.
Shares of Reynolds American Inc. fell 48 cents to $70.99, while shares of Lorillard Inc. added a penny to $71.07.