Brand Engagement Network (BNAI) said Wednesday that it has agreed to acquire Cataneo, a privately owned media technology company based in Germany, for $19.5 million in cash and shares.
The consideration comprises $9 million in cash and 4.2 million Brand Engagement Network common shares valued at $2.50 per share, according to the statement.
Brand Engagement Network expects to close the transaction in Q4, subject to securing financing, guarantees by certain shareholders, and regulatory approvals. Following closing, Cataneo will become a Brand Engagement Network unit with plans to expand in the US and Latin America, according to the company.
Brand Engagement Network shares were down over 6% in recent Wednesday trading.
Price: 0.87, Change: -0.06, Percent Change: -6.55
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