Its operating companies achieved combined revenues of about $4.7 billion in 2011.

"It produces a product that makes people happy, and it's got the guts to be a great operating company."

The total mg group employs about 32,000 people in some 50 countries and consists of more than 450 operating companies.

The strategy began with a handful of large operating companies.

He wanted an undertaking that we would not form a new operating company.

The deal includes 18 operating companies in 12 countries.

Paul Allen did not respond to a request for comment on his operating companies' recent performance.

The local operating companies were not named as parties defendant.

But for conventional operating companies, he is willing to pay seven to nine times cash flow.

The company has 166 operating companies in 52 countries.