An electronic Juul cigarette box. Altria has taken a 35 per cent stake in Juul, one of the largest start-ups in the world EVA HAMBACH/GETTY IMAGESThe maker of Marlboro cigarettes is to invest nearly $13 billion in Juul, the start-up behind America’s most popular electronic cigarette brand. Altria, which emerged from the Philip Morris group of companies, is to take a 35 per cent stake in Juul as it seeks to expand outside its shrinking tobacco business. Juul, which was founded in 2017, dominates the market for e-cigarettes in America, with about three quarters of sales. The planned investment by Altria would value Juul at $38 billion, more than double its last valuation of $16 billion, making it one of the largest start-up companies in the world, ahead of Airbnb, the room listings service.

Source: The Times December 20, 2018 00:14 UTC