Gorilla Technology Group Inc (NASDAQ:GRRR) disclosed agreeing to binding terms to buy Bacom Internetwork in Thailand. The financial terms were not disclosed.
The acquisition is an entry point for Gorilla Technology to offer Smart and Safe City solutions in Thailand and drive its global expansion strategy.
The acquisition is expected to close by the end of September, subject to confirmatory due diligence, finalizing transaction documentation, and attaining necessary local regulatory approvals.
Post-acquisition, Bacom will become a wholly-owned subsidiary of Gorilla.
Gorilla expects Bacom to attain a CAGR of over 50% over the next three years.
“This acquisition embodies Gorilla’s bold vision and dedication to excellence as we pursue an ambitious global expansion strategy. By leveraging the synergies between Gorilla and Bacom, this strategic move sets the stage for success in providing Smart City Infrastructure solutions and improving living standards as the global economy continues to urbanize at an unprecedented rate,” said Jay Chandan, Chairman and CEO.
Last month, Gorilla Technology announced the opening of its new office in Chennai, India.
Price Action: GRRR shares are trading lower by 1.11% at $1.78 on the last check Monday.
