Japan Tobacco said on Thursday it had agreed to buy Florida-based e-cigarette maker Logic Technology Development LLC as it aims to become a global leader in the nascent, but fast-growing, market.
Japan Tobacco will fund the acquisition with existing cash and loan facilities, and expects to complete the deal in the third quarter of this year following regulatory approval, it said.
It did not say how much it was paying for Logic Technology, founded in 2010. Japan Tobacco last year also bought UK-based Zandera Ltd, best known for its E-Lites brand of electronic cigarettes.
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