Altria Group

(MO) - Get Report

agreed to acquire

UST Inc.

(UST) - Get Report

for about $10.3 billion in cash, according to a published media report.

Under terms of the deal expected to be announced Monday, Altria plans to pay about $70 a share, the Wall Street Journal reports, citing people familiar with the matter. Shares of UST closed Friday at $67.55.

Altria owns Philip Morris USA, the largest U.S. cigarette maker and the producer of the Marlboro brand. UST makes Copenhagen and Skoal chewing tobacco.

This article was written by a staff member of TheStreet.com.