E-cigarette brand Juul has overcome internal opposition to agree a $12.8bn investment by Marlboro owner Altria at a $38bn valuation.
Cigarette manufacturer Altria Group paid $12.8bn for a 35% stake in e-cigarette maker Juul Labs yesterday, valuing the company at $38bn.
The transaction will give hedge fund manager and Juul investor Tiger Global Management a $1.6bn dividend, according to Bloomberg, which stated that Juul’s employees are set to receive some $2bn through the deal.
Juul was formed by vaporiser producer Pax Labs in 2015 to make e-cigarettes as an alternative to traditional cigarettes, before being spun off two years later.…
