Huitao Technology Completes Acquisition of Sunway Kids International Education Group
Huitao Technology Co., Ltd. - Ordinary Shares (HHT)
Company Research
Source: PR Newswire
BEIJING, Feb. 14, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "Huitao"), a company primarily focused on engineering, producing, servicing, delivering and pumping a comprehensive range of advanced ready-mix concrete materials for construction projects, announced today that it has completed the acquisition of Sunway Kids International Education Group Ltd. ("Sunway Kids"), an education provider headquartered in China on February 14, 2020. Upon completion of the acquisition, pursuant to the terms of the Agreement, as amended, Sunway Kids became a wholly-owned subsidiary of HHT. Sunway Kids' shareholders have received 1,989,262 ordinary shares of HHT and will receive an aggregate cash consideration of $2.0 million payable annually according to certain earn-out schedule based on Sunway Kids' financial performance in the next five years. "The closing of this acquisition represents a significant milestone to diversify our business and maximize our
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