Key Points
- Imperial acquired 100% of Yoik for an initial SEK 515 million, with Latham & Watkins and KPMG on the buyer side and PwC and TM & Partners advising Yoik.
- KPMG also advised Imperial on its 2026 acquisition of Black Buffalo, making it the recurring adviser across Imperial's two disclosed modern oral acquisitions this year.
- Imperial's Black Buffalo deal also involved Morgan Stanley and White & Case for the buyer, with Goldman Sachs and Paul, Weiss advising the seller.
- PwC supported KT&G's acquisition of Another Snus Factory from target screening through due diligence, structuring, negotiations and closing, and later appeared among the advisers to Yoik.
- Imperial data citing Euromonitor put the global modern oral nicotine delivery category at around 23.5 billion pouches and £8.8 billion in retail sales in 2024.
2Firsts
September 20, 2026
Imperial Brands' September acquisition of Swedish modern oral nicotine company Yoik Group AB has disclosed a broader lineup of professional-services firms working across the transaction.
Imperial acquired 100% of Yoik for an initial SEK 515 million, or approximately £39.8 million, with an additional deferred payment linked to performance over the following two years.
Yoik's Helwit brand held about 3.4% of Sweden's modern oral market over the previous 12 months. Imperial said the deal would more than double its existing share of the category in Sweden, which represents more than 40% of European modern oral nicotine volumes.
Imperial was advised by Latham & Watkins and KPMG, while Yoik was advised by PwC and TM & Partners.
Latham and KPMG Join Imperial's Yoik Adviser Team
Latham said its London corporate team led the Yoik transaction, supported by lawyers covering tax, employment, data and technology transactions, regulatory matters, antitrust, sanctions, ESG and real estate.
The firm's publicly disclosed work for Imperial extends beyond the acquisition. Imperial's 2026 global medium-term note prospectus also names Latham & Watkins as legal adviser to the issuers and guarantor on English and U.S. law.
KPMG, meanwhile, also appeared in another Imperial modern oral transaction earlier this year.
In May, Imperial acquired U.S. modern oral company Black Buffalo. The buyer was advised by Morgan Stanley, KPMG and White & Case, while Black Buffalo was advised by Goldman Sachs and Paul, Weiss.
Black Buffalo sells long-cut and pouch products aimed primarily at adult users of traditional moist smokeless tobacco. Its product positioning is therefore not identical to a nicotine-pouch brand such as Helwit, making the two transactions more appropriately comparable as part of Imperial's broader modern oral expansion.
KPMG Appears in Both Imperial Modern Oral Acquisitions
Across Imperial's publicly disclosed Black Buffalo and Yoik acquisitions in 2026, the law firms and investment banks changed while KPMG appeared on the buyer side of both transactions.
| Transaction | Asset / Brand | Market | Buyer | Buyer Advisers | Seller Advisers |
|---|---|---|---|---|---|
| Yoik Group / Helwit | Nicotine pouches | Sweden | Imperial Brands | Latham & Watkins, KPMG | PwC, TM & Partners |
| Black Buffalo | Modern oral | U.S. | Imperial Brands | Morgan Stanley, KPMG, White & Case | Goldman Sachs, Paul, Weiss |
| Another Snus Factory / LOOP | Nicotine pouches | Sweden | KT&G acquisition, with an Altria subsidiary taking an equity interest | PwC provided buy-side support to KT&G | Not fully disclosed in the public materials reviewed |
Imperial's acquisition announcements do not specify whether KPMG's work covered financial due diligence, tax, valuation or another advisory function.
The firm's presence in both transactions nevertheless makes it the recurring external adviser identified across Imperial's two disclosed modern oral acquisitions in 2026.
PwC Supports ASF Deal From Target Screening to Closing
PwC appears on the seller side of the Yoik transaction, while its work on another Swedish nicotine-pouch acquisition was broader.
In 2025, KT&G acquired Swedish nicotine-pouch company Another Snus Factory, with an Altria subsidiary taking an equity interest under the companies' investment arrangement. ASF owns the LOOP brand.
PwC said its Korean team became involved early in KT&G's process, reviewing a range of NGP businesses across Europe and identifying ASF as an acquisition target.
After target identification, PwC's work covered acquisition strategy, due diligence, transaction structuring, negotiations and closing, with teams in Korea and Sweden working on the transaction.
PwC also said the process involved a competitive bidding environment with several global investors, while multiple global tobacco companies had been considered as potential co-investors.
PwC therefore appears in at least two transactions involving Swedish nicotine-pouch assets: on the buy side for KT&G's ASF transaction and among the seller advisers in Yoik's sale to Imperial.
Global Modern Oral Retail Sales Reached About £8.8 Billion in 2024
The acquisitions are taking place in a category that has developed into a multibillion-pound consumer market.
Imperial's 2026 global medium-term note prospectus, citing Euromonitor data, said approximately 23.5 billion modern oral nicotine delivery pouches were sold globally in 2024, representing an estimated £8.8 billion in retail sales.
The largest markets by category value included:
- the United States at approximately £6.9 billion;
- Sweden and Denmark combined at approximately £0.8 billion.
The figures show that category value remains heavily concentrated in a small number of markets, led by the United States, while Sweden is the largest modern oral market in Europe.
Imperial also said most category growth over the next several years is expected to come from the U.S.
Cross-Border Deals Use Different Adviser Combinations
The Black Buffalo, Yoik and ASF transactions used different combinations of external advisers.
Imperial's Black Buffalo acquisition brought together international investment banks, a Big Four firm and global law firms. Its Yoik deal paired Latham and KPMG on the buyer side with PwC and Swedish firm TM & Partners for the seller.
The ASF transaction also shows that Big Four involvement in nicotine-pouch M&A can extend beyond conventional due diligence to target screening, acquisition strategy, structuring and negotiations.
Imperial has completed two modern oral acquisitions in 2026 through Black Buffalo and Yoik, while KT&G has expanded into nicotine pouches through ASF. All three transactions involved multiple external professional-services firms.
As nicotine-pouch and modern oral assets become part of the acquisition portfolios of multinational tobacco companies, global law firms, Big Four firms and investment banks are increasingly appearing across the transaction chain.
Follow 2Firsts for timely coverage of global tobacco and nicotine M&A, capital markets and corporate strategy.
Cover Image generated by AI
Disclaimer
This article is provided solely for professional research, industry discussion, and informational purposes. Any references to brands, companies, products, technologies, or policies are made for factual reporting and analytical purposes only, and do not constitute endorsement, recommendation, promotion, or advertising by 2Firsts.
Nicotine-containing products, including but not limited to cigarettes, e-cigarettes, heated tobacco products, and nicotine pouches, carry significant health risks. Readers are responsible for complying with all applicable laws and regulations in their respective jurisdictions, including age restrictions and access limitations.
The information contained in this article should not be regarded as investment, legal, medical, regulatory, or commercial advice. While 2Firsts strives to ensure the accuracy and reliability of its content, it does not assume liability for any direct or indirect loss arising from errors, omissions, inaccuracies, or reliance on the information contained herein.
This article is not intended for individuals below the legal age for accessing tobacco or nicotine-related information in their jurisdiction.
Copyright Notice
This article is either original content produced by 2Firsts or content reproduced, translated, summarized, or adapted from third-party sources with attribution where applicable. The intellectual property rights of the original content remain with 2Firsts or the respective original rights holders.
No individual or organization may copy, reproduce, distribute, republish, modify, translate, or otherwise use this content without prior authorization. Any unauthorized use may result in legal action.
For copyright-related inquiries, corrections, or removal requests, please contact: info@2firsts.com.
AI-Assisted Translation and Editing Notice
Portions of this article may have been translated, edited, or reviewed with the assistance of artificial intelligence tools to improve efficiency and readability. Due to the limitations of AI-assisted translation and editing, discrepancies, omissions, or inaccuracies may exist when compared with the original source.
Where applicable, readers are advised to refer to the original source for the most complete and accurate information. If you identify any errors or believe that any content infringes upon your rights, please contact us at info@2firsts.com, and we will review and address the matter promptly.
