The seller of Marlboro cigarettes overseas, announced today that it has entered into an agreement to purchase privately owned Colombian cigarette manufacturer Protabaco for $452 million.

Protabaco is the second largest tobacco company in Colombia, with an estimated 2008 volume of 6.1 billion cigarettes and an approximate market share of 31.8 percent.

Its brands include Mustang, Premier and President.

"We are extremely pleased to reach this agreement with Protabaco in order to continue to build our business in this important and strategic market," said Miroslaw Zielinski, President of Philip Morris International's Latin America and Canada Region.

"This strategically compelling transaction will provide PMI with an excellent opportunity to further develop Protabaco's strong brand portfolio and reflects the continuing confidence we have in the future of Colombia, its economy and the tobacco industry."

Jaime Delgado, General Manager Protabaco, said: "This is an excellent development for Protabaco and our employees