BGM Group (BGM) said Wednesday it signed a deal with current shareholders of smart mobility technology company YX Management to acquire 100% of its equity interests.
Under the terms of the agreement, BGM said it will issue 47.5 million class A ordinary shares to YX's current shareholders, valuing the mobility technology company at $95 million. The transaction is expected to be completed by June.
The YX integration will advance the artificial intelligence-driven upgrade of the company's DuXiaoBao intelligence platform, according to BGM.
Upon completion, YX's current stockholders will own 32.8% of BGM's total outstanding and issued ordinary shares, the company said.
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