Mergers & Acquisitions
By The Online Investor Staff, updated Thu., Mar. 28, 5:42 PM
This Slide: #45 of 100 |
Slide #45. Connexa Sports Technologies Inc. — Yuanyu Enterprise Management Co., Limited
Acquirer:
Connexa Sports Technologies Inc. (NASDAQ:CNXA)
Acquiree:
Yuanyu Enterprise Management Co., Limited
Details:
Connexa Sports Technologies Inc. (Nasdaq:CNXA) today announced that, subject to shareholder approval, it has signed definitive share purchase and share exchange agreements to acquire a 70% stake in Yuanyu Enterprise Management Co., Limited (YYEM) for a combined value of $56 million. The transaction will be carried out in two steps, with an initial 20% stake having been completed against payment of $16.5 million in cash, and the residual 50% stake completing on the closing date through the issuance of common stock. As part of this deal structure, there will be a change-in-control of Connexa following the appointment of a new board of directors, subsequent to which Slinger Bag Americas will be divested to a newly established entity.
Slinger Bag operates in the sporting and athletic goods business. Through its ownership of Slinger Bag Americas Inc. and Slinger Bag Ltd, Co. is focused on the Ball Sport Market globally. Co. has developed and patented a Ball launcher built into an easy to transport wheeled trolley bag (the Slinger Launcher). The Slinger Bag allows anyone to control the speed, frequency and elevation of balls that are launched for practice, training or fitness purposes. Co. is also developing similar launchers to address other forms of tennis. These include, but are not limited to Pickleball (USA), Soft Tennis (Japan) and Paddle Tennis (International markets).
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