Marlboro maker Altria buys one third of Juul

Marlboro maker Altria is spending $12.8 billion for a 35 percent stake in vape company JuuL as one of the world’s biggest tobacco companies tries to offset declining cigarette use.

Altria Group Inc. said Thursday its investment puts the value of privately held Juul Labs Inc. at $38 billion, about the same value investors placed on home rental startup Airbnb earlier this year.

Juul will remain an independent company and have access to Altria’s infrastructure and services, the two sides said in their announcement.

This is a developing story.