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Marlboro cigarette maker Altria Group has bought a 35pc pale in Juul Labs for $12.8bn ($10.1bn) as it seeks to accretion a ballast in the growing e-cigarette market.
The accord ethics the San Francisco-based aggregation at $38bn, added than bifold the almost $16bn appraisal it fetched in a clandestine allotment annular in July.
As the acceptance of smoker declines, the accord extends Altria’s move abroad from acceptable tobacco articles and into higher-growth businesses in adjustment to assure its revenue.
Earlier this month, it spent $1.8bn affairs a 45pc pale in Canadian cannabis aggregation Cronos Group, with an advantage to booty majority ascendancy in the future.
Howard Willard, Altria’s arch executive, said: “We are taking…
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