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Bright Green Announces Decision To Complete Alterola Biotech Acquisition

Apr 04, 2023over 2 years ago

Acquiring Company

Bright Green Corporation

Acquired Company

Alterola Biotech

Fort LauderdaleAgriculture And FarmingPharmaceuticalBiotechnologyManufacturing

Description

Bright Green Corporation (NASDAQ: BGXX) (“Bright Green” or “the Company”), one of the very few companies selected by the U.S. government to grow, manufacture, and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export, today announced that it will move forward with its previously announced strategic arrangement and confirms its intention to exercise the call option on the total acquisition of the remaining issued and outstanding common stock of Alterola Biotech (OTC PINK:ABTI), a U.K.-based pharmaceutical company focused on developing cannabinoid and cannabinoid-like medicines and products.

Company Information

Company

Bright Green Corporation

Location

401 E Las Olas Blvd Ste 1400

Fort Lauderdale, Florida, United States

About

Bright Green Corporation focuses on the cultivation, manufacture, and sale of cannabis and cannabis-related products. Its products are used in research, pharmaceutical applications, and affiliated exports. The company was incorporated in 2019 and is based in Grants, New Mexico.

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M&A Insights

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Integration timeline
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Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed