Tobacco products provider Altria Group (NYSE:MO) has provided a key update on its deal to acquire NJOY Holdings.
In connection with the acquisition, the waiting period under the Hart-Scott-Rodino Improvements Act of 1976 has expired and as a result, the transaction necessitates no additional review by Federal antitrust authorities.
Altria now expects the acquisition to close in the second quarter of 2023, subject to closing conditions. The $2.75 billion acquisition of NJOY, which makes vaping products, is a major step towards boosting the company’s smoke-free portfolio.
Overall, the Street has a $48.90 consensus price target on Altria alongside a Moderate Buy consensus rating.
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