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https://www.wsj.com/articles/altrias-latest-vape-could-be-even-pricier-than-its-first-501821f0

Altria’s Latest Vape Could Be Even Pricier Than Its First

A mooted $2.75-billion deal for e-cigarette brand NJOY is smaller than the tobacco giant’s ill-fated 2018 investment in Juul, but the valuation is punchier

NJOY has a roughly 2% share of the U.S. vape market by volume, whereas its larger rival Juul has around a quarter. Photo: Angela Owens/The Wall Street Journal

Feb. 28, 2023 9:34 am ET

Altria’s latest potential deal seems eye-wateringly expensive, but the company doesn’t have many better options.

The maker of Marlboro cigarettes is in talks to buy e-cigarette brand NJOY for $2.75 billion, The Wall Street Journal reported on Monday afternoon. Altria could pay an additional $500 million in an earnout if certain regulatory milestones are met. The tobacco company also plans to sell the 35% stake it has owned since 2018 in rival vape brand Juul Labs.

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