Arnold & Porter Advises Altria in US$2.75B Acquisition of NJOY

Arnold & Porter recently advised Altria Group Inc. on all competition law aspects of its US$2.75 billion acquisition of e-vapor startup NJOY Holdings Inc.

Altria’s purchase of NJOY is part of the company’s ongoing efforts to responsibly lead the transition of adult smokers to a smoke-free future. NJOY Ace is currently the only pod-based e-vapor product to receive marketing authorization from the U.S. Food and Drug Administration.

The transaction, which closed on June 1, 2023, also will include up to $500 million in additional cash payments contingent on the regulatory outcomes of certain NJOY products.

The Arnold & Porter team was led by Global Antitrust practice group chair Debbie Feinstein. The team also included counsel Justin Hedge and Barbara Wootton, senior associate Francesca Pisano, and senior attorney Bryan Marra.