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Covington Advises Perella Weinberg On $11.7 Billion Sale to Altria Group


NEW YORK, NY, September 8, 2008 — UST Inc. and Altria Group, Inc. today announced an agreement pursuant to which Altria Group will acquire UST. Under the terms of the agreement, shareholders of UST will receive $69.50 in cash for each share of common stock held. The transaction is valued at approximately $11.7 billion, which includes the assumption of approximately $1.3 billion of debt. Covington & Burling LLP advised Perella Weinberg Partners, financial advisor to UST, on the transaction.

UST Inc. is a holding company for its principal subsidiaries: U.S. Smokeless Tobacco Company and Ste. Michelle Wine Estates. Altria Group is the parent company of Philip Morris USA, John Middleton and Philip Morris Capital Corporation. Perella Weinberg Partners is an independent, privately-owned financial services firm that provides corporate advisory and asset management services to clients around the world.

The Covington team was led by corporate partner J. D. Weinberg and included associates Frank London and Russell Valdez. All are resident in the firm’s New York office.

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