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Feb 3, 2014 11:17 AM by Associated Press

Altria acquires e-cig maker Green Smoke for $110M

RICHMOND, Va. (AP) - Marlboro maker Altria Group Inc. says it is buying electronic cigarette company Green Smoke Inc. for about $110 million.

The Richmond, Va.-based owner of Philip Morris USA said Monday that the transaction is expected to close in the second quarter.

The deal with Altria's Nu Mark subsidiary also includes up to $20 million in incentive payments.

Altria began test marketing its own electronic cigarette under the MarkTen brand in August.

The company says Green Smoke's experience in the category, along with its supply chain, products and customer service, will complement its business.

Green Smoke was founded in 2008 and has operations in the U.S. and Israel. Its revenue in 2013 was about $40 million.

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