Business & Finance

Japan Tobacco to buy UK e-cigarette brand E-Lites

Published June 11, 2014 Updated June 11, 2014 12:55pm

LONDON: Japan Tobacco Inc agreed to buy the maker of E-Lites, a leading brand of e-cigarette in Britain, giving it entry to the fast-growing market for tobacco alternatives.

Japan Tobacco said on Wednesday that it agreed to buy all outstanding shares of E-Lites' parent company Zandera, founded in 2009.

Financial terms were not disclosed, though the company said it will fund the purchase with existing cash and debt. It said the deal is expected to have a minor effect on its performance and cash flow in fiscal 2014.

Copyright Reuters, 2014