Shares of DDC Enterprise Limited (DDC) are up 7% on Wednesday after the company announced that it has agreed to acquire a 51% stake in G.L. Industry S.p.A (GLI), a specialized Italian producer of ready-to-cook and ready-to-heat Asian foods for catering customers and retail outlets.
DDC is trading on the New York Stock Exchange at $3.28, up 9.33% or $0.28 per share. It has traded between $3.07 and $6.61 in the past 52-week period.
This acquisition is a significant step towards the expansion of DayDayCook's international presence and will be financed through a combination of cash and DDC stock.
In exchange for the 51% acquisition, DDC will pay approximately $9.3 million in cash over the next three years, with additional potential consideration of cash and stock based on GLI's revenue and EBITDA.
The acquisition is subject to customary closing conditions and is expected to be finalized in the first quarter of 2024.
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