China Based FLJ Group To Acquire Lianlian Holdings Inc
FLJ Group Limited, a leading technology-driven long-term apartment rental platform in China, has entered into an equity acquisition agreement with Lianlian Holdings Inc and certain of the Target Company's shareholders to acquire 95% of the Target Company's issued and outstanding shares for RMB1,800,000,000. The acquisition price will be made up of cash and newly issued Class A ordinary shares of the Company, the exact amount of which will be determined by the Company at the time of the Acquisition's conclusion. Lianlian will be a 95%-owned subsidiary of the Company upon the completion of the Acquisition.
There is no assurance that all conditions precedent to the closing of the Acquisition, including among other things, receipt of regulatory approvals, including applicable PRC regulatory approvals, will be satisfied. If the Acquisition is not completed within 180 days after the signing of the equity acquisition agreement, either party may terminate the equity acquisition agreement, as per FLJ Group Limited.
Lianlian, based in Chengdu, China, is a lifestyle service provider that offers full marketing and promotion services to restaurants, hotels, and other leisure and entertainment merchants, assisting them in achieving cost-effective and long-term operations. These merchants' products and services on Lianlian's platform seek to meet people's everyday demands for food, lifestyle, and travel services.