MingZhu Logistics announced it has entered into a Share Purchase Agreement, or SPA, to acquire Feipeng Global, a services provider of slack coal transportation for the "first and last mile" by road-railway intermodal system in Xinjiang, China. The acquisition is valued at approximately $15M and is expected to be immediately accretive to MingZhu’s revenue, gross margin and net income. The transaction is subject to the conditions that are customary for transactions of this type. Under terms of the SPA, MingZhu acquired 100% of Feipeng for approximately $15M, of which $10M will be paid in cash upon closing in form of cash. Feipeng shall receive a certain number of shares valued at approximately $5M if it achieves a targeted net income of $2.4M during the calendar year 2023.
Published first on TheFly
