Altria Buys Njoy, Abandons Juul as It Shifts Vaping Strategy

Altria Group Inc. agreed to buy vaping startup Njoy Holdings Inc. for at least $2.75 billion in cash while bringing its ignominious journey with closely held Juul Labs Inc. to an end, signaling a new direction as the tobacco company keeps trying to accelerate a shift toward cigarette alternatives.

Altria announced the Njoy deal Monday, confirming reports from last month. The company could pay as much as $500 million more depending on US Food and Drug Administration approvals of certain Njoy products.

The Richmond, Virginia-based tobacco giant had said in a short statement after the Friday close that it would ...