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Big Law

Altria Group to Exit JUUL Investment and Purchase Cigarette Startup NJOY for $2.75 Billion

Altria Group said on Monday it would buy e-cigarette startup NJOY Holdings for about $2.75 billion in cash, in fresh bets by the Marlboro maker on the fast-growing market after losing billions through its investment in Juul.

The tobacco giant said it would exchange its investment in Juul Labs, which was worth $250 million as of Dec. 31, for certain of the vaping company’s heated tobacco intellectual property.

The NJOY deal will include an additional $500 million in cash payments subject to regulatory outcomes related to certain NJOY products, Altria said.

Read the source article at cnbc.com

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