Marlboro's Altria Group finalizes $12.8 billion of Juul Labs
- 5 months ago
Altria Group Inc. has just purchased a 35% stake in Juul Labs Inc., the deal is rumoured to be around $12.8 billion making it one of Silicone Valley’s most valuable companies.
The group, which owns legendary cigarette maker Marlboro, has had to venture into greener pastures as the demand of tobacco cigarettes has taken a drastic decline in the last years, e-cigarettes and cannabis being a couple of examples as Altria’s other notable move has been a 45% stake in Canadian cannabis group Cronos.
The move has made Juul Labs more valuable than Airbnb and Space X, at $38 billion, which is more than double its previous value figure of $16 billion when Tiger Globe Management invested $1.2 billion in July of this year.
Source: Smart Trend Team