Hunton Andrews Kurth Advises Altria Group on Financing of $12.8 Billion Investment in Juul Labs and $1.8 Billion Investment in Cronos Group

Hunton Andrews Kurth LLP advised Altria Group, Inc. in the financing of its $12.8 billion minority investment in Juul Labs Inc., a deal that values the leading US electronic cigarette maker at $38 billion.

Altria's cash investment, which closed Dec. 20, represents a 35 percent stake in Juul, which will remain fully independent. Altria financed the transaction through a $14.6 billion term loan facility and may use the undrawn $1.8 billion of the facility to finance its recently announced investment in Cronos Group Inc., a leading cannabinoid company headquartered in Toronto, Canada. The transaction represents a 45 percent equity stake in Cronos.

The Hunton team advising Altria in the financing was led by Susan S. Failla. Other team members included corporate partner Lawton B. Way and associate Mayme Beth F. Donohue.