Altria Buys 35 Percent Stake In E-Cigarette Maker Juul
The $12.8 billion deal gives the parent company of Philip Morris a way to hedge its bets as U.S. cigarette smoking declines. And it gives Juul a powerful partner as it faces scrutiny over teen vaping.
Altria, the leading U.S. cigarette manufacturer, announced Thursday it will make a $12.8 billion investment in e-cigarette maker Juul – giving it a 35 percent stake in what had been perhaps its most worrisome competitor.
The move allows Altria, which is the parent company of Philip Morris, to hedge its bets on the future of nicotine, as cigarette smoking declines in the U.S.
