British American Tobacco agreed Tuesday to purchase the 57 percent stake in Reynolds American Inc., the Winston-Salem-based cigarette company, that it doesn’t already own for $49 billion.

Current shareholders of Reynolds American will each receive about $24 in cash for each share they own, as well depository shares of BAT stock, representing roughly half of a regular share of BAT. In total, the former Reynolds’ shareholders will hold 19 percent of BAT.

“This combination will create a truly global tobacco company with multiple iconic tobacco brands, and a world-class pipeline of next-generation vapor and tobacco-heating products,” said Susan M. Cameron, the executive chairman of Reynolds American’s board of directors.

Reynolds’ stock price increased by 3.06 percent on Tuesday to $57.68 and has grown 22.3 percent, or $10.51, since the start of negotiations.

The deal comes months after BAT’s first offer to Reynolds American in October 2016. In a later interview with CNBC, Cameron attributed the lengthy timeline of the deal to working toward a “sweet spot” between how the shareholders of the two companies preferred to divide the combined shares.

Jobs existing in the U.S. will remain in here, and the company is looking toward the potential for new job creation.