Altria, a giant in the world of tobacco conglomerates, just spent $12.8 billion dollars to purchase a 35 percent minority stake in Juul, a company that currently dominates the e-cigarette market. This deal puts the value of Juul at an eye-popping $38 billion dollars, more than doubling the $15 billion valuation from earlier this year.
Some details of the deal were first reported in the Wall Street Journal on Wednesday, and rumors of such a deal have circulated for weeks. The purchase gives Altria, the company behind Marlboro cigarettes in the United States, a large share of the booming e-cigarette market.
“We are taking significant action to prepare for a future where adult smokers overwhelmingly choose non-combustible products over...