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takyon writes:

Altria board approves $13 billion investment in e-cigarette company Juul

Altria's board of directors has approved its $12.8 billion investment in leading e-cigarette manufacturer Juul, with a formal announcement planned for Thursday before market open, people familiar with the matter told CNBC. Juul's board is meeting to consider the deal.

Tobacco giant Altria will invest $12.8 billion for a 35 percent stake in Juul, which values the e-cigarette company at $38 billion, the people said. The deal combines the maker of the best-selling cigarette with the best-selling e-cigarette and comes as both companies are under pressure.

The deal marks a turning point for Juul. The company has positioned itself as anti-tobacco, with a mission to help to wean adults off combustible cigarettes, which are responsible for killing about half a million Americans every year. With this deal, though, it will be partly owned by one of the world's biggest tobacco giants.

As such, Juul stipulated a number of conditions to help ensure the Altria deal furthers its goals. As part of the agreement, Altria would add Juul coupons to Marlboro and other cigarette packs and give Juul some of its prime shelf space, the people familiar said.

Also at NYT, Reuters, and The Verge.

See also: Marlboro maker Altria nears deal to take 35 percent stake in leading e-cigarette company Juul, sources say
$1.3 million: the average bonus Juul employees get after a deal with a cigarette maker

[$38 billion] makes Juul Labs Inc. more valuable than Airbnb and Elon Musk's SpaceX, according to Bloomberg News.

Previously: E-Cig Maker Juul Valued at $15-16 Billion
FDA Raided E-Cigarette Maker Juul to Look for Evidence That the Company Targets Minors
Juul Boosts Lobbying Spending as Potential E-Cigarette Regulations Loom
Marlboro Owner Invests $1.8 Billion in Cannabis Company

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