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Benzinga
Benzinga
Business
Shivani Kumaresan

Happiness Development Agrees To Acquire Healthcare Product Distributor Hekangyuan For ~$12M

  • Happiness Development Group Ltd (NASDAQ:HAPP) has signed an equity transfer agreement to acquire 100% of the equity interest in healthcare product distributor Fuzhou Hekangyuan Trading Co Ltd.
  • The company expects the acquisition of Hekangyuan to strengthen its distribution network. Hekangyuan generated revenue of $17.6 million, with about $0.79 million in net income in 2021.
  • The valuation of Hekangyuan is pegged at $12 million. The company will issue 10 million class A ordinary shares to the shareholders of Hekangyuan in addition to $8 million cash.
  • Happiness held $45.7 million in cash and equivalents as of September 30, 2021.
  • Price Action: HAPP shares are trading higher by 3.18% at $0.38 in premarket on the last check Monday.
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