Philip Morris, a Swiss-American multinational cigarette and tobacco manufacturing company, agreed to acquire Swedish Match, a Swedish multinational tobacco company headquartered in Stockholm, for $17.4bn. "We are pleased to announce this exciting next step in Philip Morris International's and Swedish Match's trajectory toward a smoke-free future. Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by complementary geographic footprints, commercial capabilities and product portfolios—and open up significant platforms for growth in the US and internationally. Swedish Match's dedicated employees and management have steadfastly pursued the company's vision of a world without cigarettes, while delivering very strong results. We look forward to building upon this success and joining forces to accelerate our shared smoke-free mission," Jacek Olczak, PMI CEO. On October 5, 2022, Philip Morris expects EU nod on $16bn Swedish Match in late October. On October 20, 2022, Philip Morris raised its offer for Swedish Match and is offering $10.34 for each Swedish Match share. On October 27, 2022, Swedish Match recommends shareholders accept Philip Morris' $16bn offer.