SCOTTSDALE, AZ — Altria Group Inc. is acquiring Scottsdale-based e-cigarette company NJOY Holdings Inc. in a $2.75 billion cash deal.
Under the acquisition, Altria Group — which makes Marlboro cigarettes — will have full global ownership of NJOY’s intellectual property and e-vapor products, according to a company release.
NJOY has six products approved for sale by the U.S. Food and Drug Administration, including NJOY ACE, the only pod-based e-vapor product with market authorizations from federal regulators.
“We believe the strengths of our commercial resources can benefit adult tobacco consumers and expand competition,” Billy Gifford, Altria’s CEO, said in a statement. “We are also excited to welcome NJOY's talented employees to Altria at closing.”
Altria Group is the parent company of Philip Morris USA. It announced the acquisition on March 6.
Read more of this story from the Business Journal.
