Feymiao Technology (688350.SH) plans to acquire 51.1649% of Watertech's shares for 696 million yuan

Zhitong Finance App News, Femiao Technology (688350.SH) issued an announcement. In order to seize industry development opportunities, consolidate its core competitive advantage, advance the deepening implementation of the “two-wheel drive” medium- and long-term strategy, and improve the business layout of water-based chemicals and industrial water treatment, the company plans to acquire 100% of Longlinvoge's shares and 5.2428% of the shares of the target company Jiaxing Watertech Environmental Technology Co., Ltd. (“Watertech” for short). The total shares of the target company were obtained through direct and indirect shareholding methods. The total consideration for this transaction was $696 million. The funding source was the company's own capital and/or self-financing (including but not limited to merger and acquisition loans or other financing). After the acquisition is completed, Watertech will be included in the scope of the company's consolidated statements and managed in the form of a holding subsidiary.

After the transaction is completed, the company will integrate Watertech's technical accumulation in the field of water treatment chemicals, further enhance the company's technical advantages in high-end water treatment chemicals, overall industry segmentation solutions and intelligent injection, form an integrated technical capability of “water treatment chemicals+membrane products+engineering+operation and maintenance+intelligent control”, and push the company's industrial water treatment core technology system to a higher level.