Chinese on-demand retail and delivery platform Dada Nexus signed a deal to go private through a merger with JD Sunflower Investment and Sunflower Merger Sub, subsidiaries of JD.com (HKG:9618), according to a release Tuesday.
Upon completion, set to take place in the third quarter, Dada Nexus' shares represented by ADSs will be canceled for the right to receive $0.50 in cash per share, without interest, the JD.com press release said.
JD.com International is the sponsor of the offering.
The take-private offer will value it at $520 million and help enhance Dada's instant retail business development, Yicai Global reported separately, citing Zhuang Shuai, founder of Bailian Consulting.
Dada operates Dada Now for grocery shopping or takeout and JD Now, which sells core retail items from JD.com, Yicai said.
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