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Monday, December 6, 2021

Luokung Corp. [NASDAQ: LKCO] To Acquire EMG For RMB 836 Million

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Luokung Technologies Corp. [NASDAQ: LKCO] a location-based service company has agreed to buy EMG technologies for Ren Min Bi  836 million. The company will pay RMB 709 million in cash and the remaining RMB 127 million common stock of the company. It declared to buy 100% of EMG to build the first territorial-temporal full vector and non-titled map in china. The company is up 14% in the pre-market when it announced the agreement between EMG and Beijing Sinotrans. This agreement is conditional on EMG’s ability to raise the financing to complete its acquisition.

The two core technology clusters to support services and applications in networking, smart city, sensing data serving will be EMGs mapping ability and its underlying database along with its super engine spatial-temporal big data engine capabilities. The integration of these will expand the company’s ability to technical expertise to a much deeper scenario. The implementation of these will expand the companies abilities of underlying data collection so that it can establish a set of solutions that can cover full industrial chains.  

However, after the acquisition, EMG will continue to work independently.

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