Estun Automation to Acquire Estun Codroid in 487 Million Yuan Deal; Shares Rise 4%

MT Newswires Live08-05

Estun Automation (HKG:2715), through units Estun Robot and Dingtong Electromechanical, will acquire collaborative robot developer Estun Codroid for 487.1 million yuan, according to a Tuesday Hong Kong bourse filing.

The acquisition comprises an 83.26% equity interest in Estun Codroid for 405.6 million yuan and the remaining 16.74% stake through the purchase of partnership interests for 81.5 million yuan.

The consideration will be funded with unutilized proceeds from the company's global offering and internal resources.

Upon completion, Estun Codroid will become an indirect wholly owned subsidiary of Estun Automation.

The company said the acquisition will expand its robotics portfolio by adding collaborative and embodied-intelligence robots.

Shares of Estun Automation were up over 4% in Wednesday morning trade.

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