API - Agora to acquire land use rights in Shanghai for RMB2.5B

Agora (NASDAQ:API) recently entered into an agreement with the local government to acquire the land use rights of land in the riverside area of Yangpu District, Shanghai, China through an entity to be established by Agora and two independent third parties. The total consideration for acquiring the land use rights is ~RMB2.5B and Agora expects to pay its share of the consideration in Q3 of 2022. Agora will hold a 46.39% equity interest in the joint venture. The company plans to build a new headquarters on the premises for its business growth.

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Agora to acquire land use rights in Shanghai for RMB2.5B