Japan Tobacco Inc Acquires Leading E-cigarette Brand E-Lites; financial terms not disclosed
- Announced today that it has concluded an agreement to acquire all outstanding shares of Zandera Ltd. ("Zandera"), a leader in e-cigarettes and best known for its E-Lites brand. Founded in 2009, Zandera sells the most recognized range of high quality rechargeable and ready-to-use e-cigarettes in the United Kingdom.
- The executive management team of Zandera will remain with the JT Group post-acquisition in order to leverage upon their extensive knowledge and experience of the e-cigarette industry, their understanding of the product, technology and regulatory landscape.
- This transaction will be funded by the Group's existing cash and loan facilities and is expected to have a minor effect on the Group's consolidated performance and cash flows for the fiscal year 2014. JT expects to complete the acquisition in the second quarter of the fiscal year 2014 following regulatory clearance.