MultiMetaVerse to acquire Taomee for RMB 543M plus variable consideration

MultiMetaVerse Holdings announced that it has, through its subsidiary in China, entered into an agreement to acquire 100% equity in Shanghai Shengran Information Technology Co., Ltd. and associated interests pertaining to all of its consolidated VIEs. MMV expects to complete this transaction by the end of this year. The acquisition will be a major milestone for MMV in expanding its portfolio and will significantly enhance its financial performance including its revenue and cash flow. Founded in 2007, Taomee is one of China’s leading entertainment and media companies for the younger generations, with established and popular original brands including “Mole’s World”, “Seer” and “Flower Angel”. The total purchase price is comprised of a fixed consideration of RMB 543M, plus a variable consideration based on certain adjustments but in no event lower than RMB 17M, all to be paid in cash. The purchase price will be financed through a combination of share issues and bank loans. During the year ended December 31, 2022, Taomee recorded a total unaudited revenue of $33.6M and adjusted unaudited EBITDA of $13.1M. During the last twelve months ended June 30, 2023, Taomee recorded a total unaudited revenue of $42.6M and adjusted unaudited EBITDA of $17.1M.