Multinational tobacco firm Altria Group Inc has announced that its subsidiary, UST LLC, has entered an agreement to sell the Ste Michelle Wine Estates business to Sycamore Partners Management, LP., a private equity firm specializing in consumer, retail, and distribution investments. According to sources, the sale will enable Altria to focus on their vision of transitioning adult smokes to a ‘non-combustible future’. Billy Gifford, Altria’s chief executive officer said: “Ste. …
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Altria
Multinational tobacco firm Altria has announced it has paid $12.8 billion to acquire a 35% stake in e-cigarette company Juul. Announcing the purchase, Altria said the move would allow Juul the opportunity to reach adult smokers through prime retail shelf space, inserts in cigarette packs and an adult smoker database. It added that the service agreements would accelerate Juul’s mission to switch adult smokers to e-vapour products. Commenting on the …
Altria, the multinational tobacco firm, has diversified into the cannabis sector with the acqusition of a 45% equity stake in Cronos Group for an aggregate investment of approximately USD $1.8 billion. Altria said the deal would leave it better positioned should cannabis become federally permitted in the US. Cronos Group is a vertically integrated cannabis company that operates the Canadian licensed producers Peace Naturals Project and Original BC, with a portfolio of brands which …
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