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Naas Technology Inc. To Acquire Majority Stake In Sinopower Holdings International

Jun 12, 2023•over 2 years ago

Acquiring Company

NaaS Technology

Acquired Company

Sinopower Holdings International

BeijingElectric Vehicle

Description

NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the largest third-party charging network in China, today announced that Dada Auto, a wholly owned subsidiary of the Company, has entered into a definitive agreement to acquire 89.999% of the issued and outstanding shares of Sinopower Holdings International Co. Limited ("Sinopower") from an existing shareholder of Sinopower, for an aggregate purchase price of approximately US$6.1 million in cash.

Company Information

Company

NaaS Technology

Location

Beijing, Beijing, China

About

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company provides one-stop EV charging solutions to charging stations comprising online EV charging, offline EV charging and innovative and other solutions, supporting every stage of the station lifecycle. As of March 31, 2023, NaaS had connected over 575,000 chargers covering 55,000 charging stations, representing 40% and 49% of China's public charging market share respectively. On June 13, 2022, the American depositary shares of the Company started trading on Nasdaq under the stock code NAAS.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
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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