HIGHWAY HOLDINGS LIMITED Highway Holdings Limited (NasdaqCM:HIHO) signed a on-binding letter of intent to acquire 51% stake in Synova Metall- Und Kunststofftechnik Gmbh on December 12, 2023. The purchase price will be paid partly in cash, and partly in shares of Highway Holdings common shares. Under the LOI, Highway Holdings will acquire a 51% interest in Synova.
Highway Holdings will also acquire a right, exercisable under certain circumstances, to acquire the remaining 49% interest in Synova. The consummation of the transaction is subject to the completion of Highway Holdings' due diligence review, negotiation and execution of a mutually agreeable purchase agreement and other customary conditions. The companies are targeting to complete the transaction and combine businesses in the first quarter of 2024.
