GLONGHUI January 24 | VTECH HOLDINGS (00303.HK) announced that on January 24, 2024, the buyer (an indirect wholly-owned subsidiary of the company) entered into an asset acquisition agreement with the seller Gigaset Communications GmbH. According to this, the buyer conditionally agreed to buy and the seller conditionally agreed to sell the assets at a cost of 30.5 million euros (subject to adjustment).
The assets that the buyer will acquire from the seller include: (i) all intangible assets of the seller, including all intellectual property rights of the seller; and (ii) all of the seller's real estate, plant and equipment, including land and buildings on Franconian Street, Teuton Street, Mussum Church Road, Emperor-Wilhelm-Street, 46395 Bocholt, Germany, and all technical equipment, factories, and Machinery and equipment, and all prepayments and construction in progress; and (iii) all of the seller's inventory, including all raw materials and supplies, all semi-finished products, and all finished products, all of which relate to telephone development, production and sales activities.
The directors believe that the company and the seller have complementary advantages in the telecommunications industry, and that this acquisition can create synergy effects in product development and improve operational efficiency. Through this acquisition, the company will be able to strengthen its leadership position in home wireless phones, expand its global sales channels and product portfolio, and expand production facilities in Europe.