Altria has agreed to acquire 146.2 million Cronos shares at a price of C$16.25 per share — a 41.5% premium to the company’s 10-day volume weighted average price on the Toronto Stock Exchange ending November 30, according to Cronos. That was the last unaffected trading day prior to when news first broke that the two companies were in talks for a potential deal, the company said.
"Altria is the ideal partner for Cronos Group, providing the resources and expertise we need to meaningfully accelerate our strategic growth," said Cronos CEO Mike Gorenstein in a press release.
"The proceeds from Altria’s investment will enable us to more quickly expand our global infrastructure and distribution footprint, while also increasing investments in R&D and brands that resonate with our consumers. Importantly, Altria shares our vision of driving long-term value through innovation, and we look forward to continuing to differentiate in this area."
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