Key Points
- KT&G plans to finalize the acquisition of ASF within this year.
- The company will expand ASF’s Nordic-based nicotine pouch business to global regions starting next year.
- KT&G and Altria are cooperating through an MOU and an SPC.
- ASF’s Loop brand held a 3.2% share in Western Europe.
2Firsts, November 25, 2025 — According to nate, KT&G plans to advance its nicotine pouch strategy by completing the acquisition of ASF this year and initiating a major regional expansion from next year.
KT&G has been working with Altria to proceed with the ASF acquisition after signing an MOU in September that covers cooperation across nicotine and non-nicotine categories. The two companies also established a special purpose vehicle in Sweden. KT&G will acquire 100% of ASF for KRW 260 billion and later transfer 49% of the shares to Altria.
A key part of KT&G’s plan for next year is to expand the nicotine pouch business — currently centered in ASF’s five Nordic markets of Iceland, Sweden, Norway, Denmark and Finland — to Europe, the Middle East, Africa, Asia and North America.
Euromonitor data shows continued rapid global market growth. Major players include PMI with Zyn, BAT with Velo and Altria with On!. ASF’s Loop brand held a 3.2% share in Western Europe last year.
Analysts expect KT&G to begin post-merger integration next year and gradually extend its regional footprint.
