Chinese e-commerce company JD.com and the Dada Group, the country’s local on-demand delivery and retail platform, recently announced that the former, through its subsidiary, has entered into a share purchase agreement with Dada, under which JD.com has agreed to invest a total of $800 million in newly issued ordinary shares of Dada.
The per share price equals to the closing trading price of Dada’s ordinary shares on the Nasdaq Global Select Market on March 19, 2021, the last trading day prior to the date of the share purchase agreement.Chinese e-commerce company JD.com and the Dada Group, the country's local on-demand delivery and retail platform, recently announced in a statement that the former, through its subsidiary, has entered into a share purchase agreement with Dada, under which JD.com has agreed to invest a total of $800 million in newly issued ordinary shares of Dada.#
Following the transaction, JD.com will hold approximately 51 per cent of Dada's issued and outstanding shares. The closing of the transaction is subject to satisfaction of customary closing conditions and procedures, including applicable governmental filings, the companies said in a press release.
JD.com has agreed not to sell, transfer or dispose of any shares acquired in the transaction for six months after the closing.
ALCHEMPro News Desk (DS)
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