Brief: Steer Announces A Proposed Transaction For An $18 Million Direct Investment Involving Its Digital Restaurant Supply Business

Argo

23/01/2023 12:43

Jan 23 (Reuters) - Steer Technologies Inc  STER.V :
    * STEER ANNOUNCES A PROPOSED TRANSACTION FOR AN $18 MILLION
DIRECT
INVESTMENT INVOLVING ITS DIGITAL RESTAURANT SUPPLY BUSINESS (B2B
MARKETPLACE)
    * STEER TECHNOLOGIES INC - INVESTMENT VALUES RESTAURANT
SUPPLY
BUSINESS AT $48 MILLION ON CLOSING
    * STEER TECHNOLOGIES INC - PROPOSED DEAL WILL BE STRUCTURED
BY
ROLLING OUT RESTAURANT SUPPLY BUSINESS, CURRENTLY A DIVISION OF
FOOD HWY, INTO A NEW CO
    * STEER TECHNOLOGIES INC - FOLLOWING COMPLETION OF PROPOSED
DEAL,
STEER IS EXPECTED TO INDIRECTLY RETAIN APPROXIMATELY 62.5%
OWNERSHIP OF NEW CO

Source text for Eikon:  ID:nBw4VYyJfa 
Further company coverage:  STER.V 
 ((Reuters.Briefs@thomsonreuters.com;))