Japan Tobacco Inc has agreed to purchase the maker of E-Lites, a leading brand of e-cigarettes in Britain, giving it entry into the fast-growing market for tobacco alternatives.Japan Tobacco said on Wednesday that it had 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 would 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.As rates of smoking decline, big tobacco companies such as Philip Morris International, British American Tobacco and Imperial Tobacco Group have been jostling for position in the growing market for electronic cigarettes, which use nicotine-laced liquid.
Philip Morris International Inc. (PMI) is a holding company. Shares of PM traded higher by 0.07% or $0.06/share to $88.39. In the past year, the shares have traded as low as $75.28 and as high as $93.17. On average, 4416520 shares of PM exchange hands on a given day and today's volume is recorded at 3479549.
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