Altria swaps stake in Juul for heated tobacco intellectual property

Tobacco giant Altria MO,
+0.15%
on Friday said it had exchanged its minority stake in e-cigarette maker Juul for a “non-exclusive, irrevocable global license to certain Juul intellectual property with respect to heated tobacco.” Altria CEO Billy Gifford said in a statement: “We believe that exchanging our Juul property for intellectual property rights is the right path for our business. Juul is facing significant regulatory and legal issues and uncertainties, many of which may exist for many years. We continue to explore all options on how we can best compete in the e-vapor category.” Altria said it valued its investment in Juul at $250 million. He said he would fix the financial impact of Friday’s decision in the first quarter. Shares rose 0.2% during regular trading on Friday and rose 0.1% after hours.

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