By Micah Maidenberg

Altria Group Inc. is deepening its exposure to smokeless tobacco, saying Thursday that it recently took full control of the On! nicotine pouches company.

The company recently completed transactions to acquire the 20% share in the firm that it didn't already own, Chief Executive Billy Gifford said.

In the summer of 2019, Altria said it struck a deal with a venture that owns On!, according to a statement from the time. Altria said then it would invest $372 million for the 80% stake.

The deal gave Altria access to the leading products and brands in the moist smokeless tobacco, e-vapor and heated tobacco categories, the company said then.

Altria also said Thursday that the distribution of On! products was increased by an additional 15,000 stores in the first quarter, making its brands available in about 93,000 locations at the end of the period.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

04-29-21 0743ET