WASHINGTON (March 31, 2008) – Sutherland Asbill & Brennan LLP is pleased to announce that it represented Altria Group, Inc. as tax counsel in Altria's spin-off of Philip Morris International Inc., one of the largest spin-offs to date, valued at more than $100 billion. Altria finalized the spin-off of 100% of the shares of Philip Morris International Inc. to Altria's shareholders on March 28.
"This type of deal demonstrates the work that makes Sutherland renowned in tax," said Managing Partner Mark Wasserman.
The Sutherland team representing Altria was led by Tax Partner Clifford E. Muller, and included Partners George H. Bostick, J. Randall Buchanan, Reginald J. Clark, Adam B. Cohen and Carol A. Weiser and Associates Aaron M. Payne, Rachel Polsky and Robert B. Williams Jr. For more than 80 years, Sutherland has established a global reputation in federal, international, and state and local taxation. By virtue of the size of the firm's tax practice and its varied client base, the firm is actively involved in almost every area of federal taxation, from planning the most complex corporate tax transactions to representing taxpayers before the IRS and in tax litigation.
Altria Group, Inc. is now the parent company of Philip Morris USA, John Middleton, Inc. and Philip Morris Capital Corporation. In addition, Altria Group has a 28.6% economic and voting interest in SABMiller.
Sutherland Asbill & Brennan LLP is an AmLaw 100 law firm known for solving challenging business problems and resolving unique legal issues for many of the world's largest companies. Founded in 1924, the firm has grown to approximately 500 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington D.C. For further information about the firm, please visit sablaw.com.
Target & Acquirer name, nation, business description: Philip Morris International Inc., located in Lausanne, Switzerland, manufactures cigarettes with main brands such as Marlboro, Parliament, Virginia Slims and L&M. The company has 50 production facilities with products sold in 160 markets. The company was founded in 1847.
Date Deal Announced : August 29, 2007
Date of Completion (if applicable): March 28, 2008
Deal Status: Closed
Which party firm advised: Altria Group, Inc.
Advisory role: Tax Counsel
Deal Description or comments (if necessary):
Value (if disclosed): $112.955 billion
Lawyers for Bidder: Sutherland Asbill & Brennan