China's Xpeng to acquire Didi's EV unit in deal worth up to $744 million
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XPeng (XPEV) to acquire smart EV assets from China's Didi for $744M
August 28, 2023 8:17 AM EDTXPeng Inc. (NYSE: XPEV) announced Monday that the Chinese electric vehicle startup will, be acquiring the smart EV assets of ride hailing giant Didi for $744 million. Didi said the duo is forming a strategic partnership to promote the global application of smart electric vehicles and technologies.
According to Xpengs announcement, the company will issue A-class ordinary shares to fund the purchase. XPeng will issue ~3.25% of its outstanding shares upon completion of the issuance if all conditions apply. DiDi will also become a shareholder in XPeng, with a lock-up period of 24... More
