Altria in Talks to Acquire Mudrick’s Njoy for $2.75 Billion (3)

Altria Group Inc. is in discussions to acquire vaping startup Njoy Holdings Inc. for at least $2.75 billion in cash, according to people with knowledge of the situation.

A deal could be announced as soon as this week, said the people, who asked not to be identified because the talks are private. There is also $500 million in follow-up payments if Njoy hits certain regulatory milestones, the people said.

Mudrick Capital Management which took a controlling stake in the vaping company as it emerged from bankruptcy in 2017, is expected to cash out on its investment when the deal closes, ...