(Reuters) – Private equity firm Tiger Global Management has cut its valuation of e-cigaratte maker Juul Labs Inc by half to $19 billion (14.8 billion pounds), the Wall Street Journal reported on Monday.
The writedown of Juul, in which Altria Group Inc <MO.N> has a 35% stake, came at the end of September, the Journal reported, citing people familiar with the matter. https://on.wsj.com/355CE2p
Altria took a $4.5 billion hit from its investment in Juul in October, with its valuation shrinking by more than a third to roughly $24 billion.
Both Tiger Global and Juul were not immediately available for comment.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)