According to the Wall Street Journal, Altria is in advanced talks to buy e-cigarette startup NJOY Holdings Inc for at least USD 2.75 billion, reports Reuters.

The deal for NJOY, one of the few e-cigarette makers whose products are approved by federal regulators in the US, could be announced this week, the report said, though talks could still break down. The Journal reported that the proposed deal includes an additional USD 500 million earnout if regulatory milestones are met.
The potential deal comes at a time when Altria is looking for alternatives after it had exercised in September the option to be released from its non-compete deal with Juul Labs Inc almost four years after buying a 35 per cent stake in the company. The Journal added that Altria planned to divest its stake in Juul. As of 31 December, Altria valued the stake at USD 250 million.