Altria in Talks to Buy Vaping Startup NJOY for at Least $2.75 Billion
NJOY is one of the few e-cigarette makers whose products have clearance from federal regulators.
Photo:
Angela Owens/The Wall Street Journal
Marlboro maker
Altria
MO -0.67%
Group Inc. is in advanced talks to buy e-cigarette startup NJOY Holdings Inc. for at least $2.75 billion, according to people familiar with the matter, moving to take over a new vaping brand after its bet on Juul fizzled.
The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, could be announced as soon as this week, the people said, though the talks could still fall apart. The proposed deal includes an additional $500 million earnout if certain regulatory milestones are met, the people said. The Wall Street Journal reported last June that NJOY had hired advisers and was exploring a sale.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
NJOY is one of the few e-cigarette makers whose products have clearance from federal regulators.
Photo:
Angela Owens/The Wall Street Journal
Marlboro maker
Altria
MO -0.67%
Group Inc. is in advanced talks to buy e-cigarette startup NJOY Holdings Inc. for at least $2.75 billion, according to people familiar with the matter, moving to take over a new vaping brand after its bet on Juul fizzled.
The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, could be announced as soon as this week, the people said, though the talks could still fall apart. The proposed deal includes an additional $500 million earnout if certain regulatory milestones are met, the people said. The Wall Street Journal reported last June that NJOY had hired advisers and was exploring a sale.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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