GLG - TD Holdings to acquire stake in Shenzhen Tongdow Internet Technology for RMB650M
- China-based commodities trading service provider TD Holdings ( NASDAQ: GLG ) is set to acquire a controlling interest in Shenzhen Tongdow Internet Technology for a cash consideration of RMB650M.
- GLG unit Shenzhen Baiyu Jucheng Data Technology and the seller, Shanghai Zhuotaitong Industry, have entered into an exclusive option agreement and a 10-year exclusive business cooperation agreement for the acquisition.
- The acquisition, expected to be completed in a month, is subject to a fairness opinion and valuation report of Shenzhen Tongdow Internet Technology from an independent third party.
- GLG shares were trading +8.11% pre-market.
- Source: Press Release
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TD Holdings to acquire stake in Shenzhen Tongdow Internet Technology for RMB650M