Altria is in talks to take a significant minority stake in e-cigarette company Juul, The Financial Times reported on Wednesday.
Any deal is likely several weeks away, The Wall Street Journal reported. Juul was last valued at $16 billion in a private fundraising round this summer.
A tie-up between the two companies could give Juul experience that Altria has gained through decades of regulation and litigation while giving Altria a jolt in revenue. However, a deal would mark a significant shift for Juul, which has repeatedly distanced itself from Big Tobacco companies like Altria.