Brief: Rise Education Cayman Ltd Enters Into A Definitive Merger Agreement With Dada Auto Inc., An Innovative Technology Solutions Provider To China's Electric Vehicle Charging Market

NaaS Technology

08/02/2022 12:00

Feb 8 (Reuters) - Rise Education Cayman Ltd  REDU.O :
    * RISE EDUCATION CAYMAN LTD ENTERS INTO A DEFINITIVE MERGER
AGREEMENT WITH DADA AUTO INC., AN INNOVATIVE TECHNOLOGY
SOLUTIONS PROVIDER TO CHINA'S ELECTRIC VEHICLE CHARGING MARKET
    * RISE EDUCATION CAYMAN LTD - TRANSACTION VALUES NAAS AT AN
EQUITY
VALUE OF APPROXIMATELY $587 MILLION
    * RISE EDUCATION CAYMAN LTD - UPON CONSUMMATION OF
TRANSACTION,
NAAS WILL BECOME A WHOLLY-OWNED SUBSIDIARY OF COMPANY
    * RISE EDUCATION CAYMAN LTD - UPON CLOSE, EXISTING NAAS
SHAREHOLDERS AND EXISTING COMPANY SHAREHOLDERS WILL OWN ABOUT
92.9% AND 7.1%, RESPECTIVELY
    * RISE EDUCATION CAYMAN LTD - COMPANY AND NAAS ANTICIPATE
THAT
TRANSACTION WILL BE COMPLETED AROUND MID-2022

Source text for Eikon:  ID:nPn1Pbq5xa 
Further company coverage:  REDU.O 

 ((Reuters.Briefs@thomsonreuters.com;))