Marlboro maker buys e-cig company NJOY, exits investment in Juul

Altria Group has agreed to buy e-cigarette company NJOY for around $2.75 billion in cash, and exit its minority investment in vaping company Juul Labs.

Why it matters: The Marlboro maker is officially switching electronic horses, five years after burning $12.8 billion for a 35% stake in Juul.

Details: Altria could pay up to another $500 million for NJOY, based on earnouts tied to regulatory approvals.

• The sale of its Juul stake, valued at just $250 million at year-end 2022, is in exchange for a non-exclusive global license to the company’s heated tobacco IP rights.

What Juul’s saying, per an official statement: “We are no longer limited by the terms of those agreements to pursue other strategic opportunities and partnerships. We are free to take advantage of a range of options to maximize the value of our company while we continue to advance our leading…