Altria Group Inc said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in a fresh bet by the Marlboro maker on the e-cigarette market after losing billions through its investment in Juul.
A woman poses with a cigarette in front of Altria logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustrationsaid on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in a fresh bet by the Marlboro maker on the e-cigarette market after losing billions through its investment in Juul.
Big tobacco firms are investing heavily in traditional cigarette alternatives as smoking rates decline globally, but the fast-growing e-cigarette category has faced tough regulatory scrutiny over under-age usage and health concerns. While NJOY has a much smaller market share in the United States compared to Juul, it has six products that have received full approval for sale from the U.S. Food and Drug Administration.
Juul is still seeking approval of its products and is under the threat that the health regulator could pull its products off shelves nationwide as it briefly did last year. Altria on Friday said it had exchanged its investment in Juul, last valued at $250 million, for some of the once red-hot vaping company's heated tobacco intellectual property.
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