5 Firms Pull Together $12.8B Juul-Altria Agreement

Law360 (December 20, 2018, 12:51 PM EST) -- Altria Group Inc. has agreed to buy a $12.8 billion stake in private equity-backed e-cigarette startup Juul Labs Inc., the companies said Thursday, in a deal steered by Wachtell Lipton Rosen & Katz, Hunton Andrews Kurth LLP, Pillsbury Winthrop Shaw Pittman, Cleary Gottlieb Steen & Hamilton LLP and Paul Hastings LLP.

Under the terms of the transaction, Altria — a tobacco giant and the parent company of Philip Morris USA — will pick up a 35 percent ownership interest in Juul, according to a statement. The previously rumored agreement, which was signed and closed on Thursday, values Juul at $38 billion....

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