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.