Altria Group (NYSE:MO) announced on Friday that it cleared a major hurdle on the pending acquisition of NJOY. The tobacco company has made it past the waiting period on the deal as part of the FTC and Department of Justice review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The NJOY deal can move forward toward closing with no further regulatory review by the federal antitrust authorities required in connection with the transaction. Subject to the satisfaction of other customary closing conditions, Altria (MO) expects to complete the deal for the maker of e-cigarettes and vaping products in the second quarter.

Altria’s (MO) $2.75B deal to acquire NJOY Holdings includes $500M in cash payments contingent on certain regulatory outcomes with NJOY products.

“We believe we can responsibly accelerate U.S. adult smoker and competitive adult vaper adoption of NJOY ACE in ways that NJOY could not as a standalone company,” said Altria CEO Billy Gifford on the deal.

“We believe the strengths of our commercial resources can benefit adult tobacco consumers and expand competition,” he added.

Altria’s (MO) enhanced smoke-free portfolio will now include full global ownership of products and technologies across the three largest smoke-free categories and a joint venture with JT Group for the U.S. commercialization of heated tobacco stick products.

Shares of Altria (MO) moved up 0.25% in premarket action.

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• Source: https://seekingalpha.com/news/3975394-altria-gets-the-green-light-to-close-on-njoy-acquisition?utm_source=feed_news_all&utm_medium=referral