Infobird Co., Ltd entered into an equity acquisition agreement to acquire 65% stake in Pure Tech Global Limited from Shangri-La Trading Limited for $43.8 million.

Infobird Co., Ltd (NasdaqCM:IFBD) entered into an equity acquisition agreement to acquire 65% stake in Pure Tech Global Limited from Shangri-La Trading Limited for $43.8 million on June 28, 2024. The aggregate purchase price for the equity acquisition was approximately $40.0 million, inclusive of transaction costs, and will be funded using the cash on hand of $33 million and a promissory note of $7 million and a waiver of $3.85 million debt owed by Beijing Runmei Advertising Co., Ltd, an affiliated company of the former controlling person of the Target Company, to the Target Company, as determined by Infobird. The Company Pure Tech Global Limited, which in turn indirectly wholly controls Pinmu Century (Beijing) Marketing Technology Co., Ltd, a variable interest entity, and its subsidiaries.

The acquisition is expected to be closed in July 2024.