Altria Spending $12.8b for a Stake in E-Vapor Company Juul

RICHMOND, Va. (AP) — Altria MO is spending $12.8 billion for a stake in e-vapor company JUUL as one of the world’s biggest tobacco companies tries to offset declining cigarette use.

Altria Group Inc. said Thursday that its investment puts the value of JUUL Labs Inc. at $38 billion.

JUUL will remain a fully independent company and have access to Altria’s infrastructure and services.