Altria Client Services, a subsidiary of Altria Group, has bought Poda Holdings‘ intellectual property assets for $100.5 million.
Poda will change its name to Idle Lifestyle and have no assets other than cash-on-hand.
Ryan Selby, Poda’s CEO, commented, “The completion of this sale represents the culmination of a tremendous amount of effort from the entire Poda team, and I am extremely proud of what we have accomplished. I believe this transaction provides maximum value for the company and its shareholders, and I know our innovative technology is now in good hands with Altria.”
Stifel Nicolaus Canada acted as financial advisor to Poda, and DLA Piper LLP acted as Poda’s legal counsel. Farris LLP served as the owner’s legal counsel. Blake, Cassels & Graydon LLP acted as legal counsel to the special committee. McGuireWoods LLP and Goodmans LLP acted as ALCS’ legal counsel.