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Several Index Companies used acquisitions to support their RRP portfolios (especially non-tobacco nicotine pouches) in 2019-2021

Capital Allocation & Expenditure

  • Altria acquired the parent company of on! non-tobacco nicotine pouches (Figure 24). BAT acquired Dryft Sciences (non-tobacco nicotine pouches), AYR Ltd (closed system vaping products), Twisp Proprietary and VapeWild Holdings (e-liquids). PMI acquired AG Snus (non-tobacco nicotine pouches and snus).
  • There was only one acquisition related to HRPs in 2019-2021 (BAT’s 2019 acquisition of Brascuba Cigarillos SA). In contrast, there were 11 M&As related to HRPs in 2017-2019.

For a complete list of sources and references, download the full Index Ranking report.

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