By Chris Wack
RISE Education Cayman Ltd. said it is merging with Data Auto Inc., which provides charger technology for electric vehicles in China
Upon completing the transaction, Data Auto will become a wholly owned subsidiary of RISE Education.
The transaction values Data Auto at an equity value of $587 million and the company at an equity value of $45 million.
Existing Data Auto shareholders will own 92.9% of the new company, and existing RISE Education shareholders will own 7.1% of the outstanding shares of the combined company.
The transaction is expected to close around mid-2022.
RISE Education shares were up 18% to 60 cents in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
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February 08, 2022 at 06:52PM
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RISE Education Cayman Merging With Data Auto - MarketWatch
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