Imperial Tobacco is acquiring the e-cigarette unit of Dragonite International that, with its founder Hon Lik, is credited with developing the popular nicotine atomiser, a spokesman said.

According to a Sunday Times report, Imperial will pay USD 75 million (EUR 57 million) for the unit. Imperial spokesman Simon Evans confirmed the Times’ account to TJI, but withheld additional comment because the offer is subject to approval at an extraordinary general meeting of Dragonite shareholders.
Dragonite’s e-cigarette is marketed under the Ruyan brand. Imperial reportedly is acquiring the unit's e-cigarette patents and rights to proceeds that may stem from patent infringement suits filed in the US and elsewhere.
Dragonite is incorporated in the Cayman Islands and listed on the Hong Kong exchange. According to its half-year earnings statement, the company is operating at a loss, with businesses that include pharmaceuticals, ginseng health care products, real estate investment, money lending and securities trading. Hon Lik is listed as one of five executive directors in the statement dated 28 Aug.