Concorde International Group Ltd (NASDAQ:CIGL) saw its shares rise 61.11% in after-hours trading to $4.35 following the announcement of a merger agreement with Hong Kong-based YOOV Group Holding Limited. The deal, disclosed in a Securities and Exchange Commission filing, will result in YOOV becoming a wholly owned subsidiary of Concorde.
Under the terms of the merger, YOOV equity holders will receive 200 million newly issued Class A ordinary shares of Concorde. The transaction values YOOV at $600 million on a fully diluted basis and involves the integration of YOOV’s artificial intelligence–as–a–service business, which focuses on cloud-based business automation solutions.
**Why this matters**
This merger expands Concorde’s footprint in the AI-driven business automation sector, potentially enhancing its technology offerings and market position. The significant increase in Concorde’s share price reflects investor optimism about the strategic benefits and growth prospects stemming from the acquisition.
Source: NewsData