By Ben Glickman
FLJ Group said Friday it would acquire Lianlian Holdings, a Chinese marketing and promotion services company, for 1.8 billion yuan ($246.7 million).
Shanghai-based apartment-rental platform FLJ said it would buy 95% of the issued and outstanding shares in Lianlian.
FLJ said the purchase price will consist of cash and issued shares of FLJ. The balance of cash and stock will be determined by the close of the deal.
Either company can terminate the acquisition if it is not completed in 180 days.
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