In other news, Altria has announced that it has received a request for additional information (Second Request) from the U.S. Federal Trade Commission (FTC) relating to its investment in JUUL Labs, Inc. This deal closed in December 2018 [read more here], and gave the big tobacco company approximately 35 percent non-voting, economic interest in JUUL. Altria is now working to convert its interest in JUUL to voting securities. After this conversion, Altria expects to account for its investment in JUUL under the equity method of accounting and will have the right to designate one-third of the members of JUUL’s board of directors. Even when this occurs, JUUL is expected to remain fully independent.
For all the latest news from Altria Group, Inc., visit altria.com.