BREAKING NEWS
This content is not available in your region

Tiger Global cuts Juul's valuation by half to $19 billion: WSJ

Tiger Global cuts Juul's valuation by half to $19 billion: WSJ
FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. Picture taken September 26, 2019. REUTERS/Elijah Nouvelage/File Photo   -   Copyright  Elijah Nouvelage(Reuters)
Text size Aa Aa

(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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.