According to information released on Altria's official website, on the evening of March 6th, Altria Group Inc announced that it will acquire the third largest e-cigarette company in the United States, NJOY, for approximately $2.75 billion in cash.
Altria introduced NJOY and mentioned their partnership with Reynolds, stating that NJOY will continue to collaborate with Reynolds in the electronic vaping industry under Altria's ownership.
It is reported that this is the second investment in a leading electronic cigarette brand following its investment in Juul. Previously, it exchanged 35% of its shares in Juul for some of its company's heated tobacco intellectual property rights, officially ending its investment in Juul. According to 2FIRSTS, NJOY has a total of 6 products that have received PMTA approval from the FDA.
On February 27th, The Wall Street Journal reported that Altria Group was in talks to acquire NJOY, the third largest e-cigarette brand in the US, for $2.75 billion, citing anonymous sources. However, details of the negotiations were not made public at the time.
2FIRSTS will follow up with further coverage. Stay tuned.
Related news:
Altria announces formal exit from JUUL by exchanging 35% equity for intellectual property rights.
Altria plans to acquire NJOY, the third-largest electronic cigarette company in the United States, for $2.75 billion.
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