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Altria ends non-compete agreement with troubled vaping company Juul Labs

Altria ends non-compete agreement with troubled vaping company Juul Labs

Altria Group Inc. said Friday it has exercised an option to be released from non-competition obligations relating to its stake in Juul Labs Inc. In a regulatory filing, the tobacco company said the option included the right to terminate should the carrying value of its investment in Juul be not more than 10% of its initial carrying value of $12.8 billion. As of June 30, the carrying value had fallen to $450 million. Altria paid $12.8 billion in 2018 to acquire a 35% stake in Juul that valued the