April 30, 2015 / 6:32 AM / 5 years ago

Japan Tobacco to buy U.S. e-cigarette maker Logic Technology

A man walks past a logo of Japan Tobacco Inc (JT) outside the company's headquarters building in Tokyo February 20, 2013. REUTERS/Toru Hanai

TOKYO (Reuters) - 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.

Reporting by Chang-Ran Kim and Junko Fujita; Editing by Clarence Fernandez

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