Tri-Tech Holding Signs Agreement to Acquire Majority Stake in Beijing Huaxia Yuan Jie Water Technology Co
Tri-Tech Holding Inc. (NASDAQ: TRIT) announced today that its subsidiary, Tri-Tech High-Tech (Beijing) Co. Ltd. has agreed to acquire 51% of Beijing Huaxia Yuan Jie Water Technology Co., Ltd..
Under the terms of the agreement, Tri-Tech Beijing will invest approximately RMB 11 million (approximately $1.7 million) into Yuan Jie Water. This includes 10 million Yuan in cash as well as intellectual property worth 990,000 Yuan. The closing will occur upon completion of corporate and regulatory formalities in China.
The two companies are in the process of capital injection and equity change registration in accordance with Chinese regulations. The transaction is expected to be completed by the end of June 2011.
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