MingZhu Logistics To Acquire Feipeng Global In $15 Mln Transaction

(RTTNews) - Trucking service provider MingZhu Logistics Holdings Ltd. (YGMZ) announced a Share Purchase Agreement to acquire Feipeng Global Limited in Xinjiang, China for $15 million. Under terms of the SPA, $10 million will be paid in cash.

The acquisition is expected to expand the critical first and last-mile slack coal transport network and will be immediately accretive to MingZhu's revenue, gross margin and net income.

Feipeng shall receive a certain number of shares valued at approximately $5 million if it achieves a targeted net income of $2.4 million during the calendar year 2023.