Skadden Arps Slate Meagher & Flom, Clifford Chance (CC) and Freshfields Bruckhaus Deringer have taken roles on the sale of two separate $750m (£460m) stakes in Russian tobacco distributor Megapolis.

The deal, which is expected to close by 31 December, sees Philip Morris and Japan Tobacco take separate 20 per cent equity interests in Megapolis, which accounts for 70% of Russia’s cigarette distribution market.