Philip Morris International Inc. agreed to buy smokeless tobacco company Swedish Match AB in a $16 billion transaction to hasten its push beyond cigarettes.

The maker of Marlboros offered 106 kronor ($10.56) a share for the smaller business, it said in a statement Wednesday, a premium of nearly 40% to Swedish Match’s closing price on Monday. The board of directors at the Stockholm-based company said shareholders should accept the offer.

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