Altria exchanges JUUL stake for IP license, agrees to acquire NJOY for $2.75B

ALTRIA GROUP, INC.

Exchanged $250M JUUL investment for non-exclusive global license to JUUL's heated tobacco IP; Q1 2023 impact.
Agreed to acquire NJOY for $2.75B cash at closing, plus up to $500M contingent on FDA approvals for certain NJOY products.
NJOY ACE is only pod-based e-vapor with FDA market authorizations; Altria gains full global ownership of NJOY's e-vapor portfolio.
Reaffirmed 2023 adjusted EPS guidance $4.98-$5.13 and $1B share repurchase program.
Expects transaction to be accretive to cash flow within 2 years and to adjusted EPS within 3 years.

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