- MingZhu Logistics Holdings ( NASDAQ: YGMZ ) has entered into a Share Purchase Agreement to acquire Feipeng Global, a services provider of slack coal transportation for the "first and last mile" by road-railway intermodal system in Xinjiang, China.
- The acquisition is valued at ~$15M and is expected to be immediately accretive to MingZhu's revenue, gross margin and net income.
- Under terms of the SPA, MingZhu acquired 100% of Feipeng for ~$15M, of which $10M will be paid in cash upon closing in form of cash.
- Feipeng shall receive a certain number of shares valued at ~$5M if it achieves a targeted net income of $2.4M during the calendar year 2023.
For further details see:
MingZhu Logistics enters into SPA to acquire Feipeng Global for $15M