China Liberal Education Holdings LtdCLEU has entered into a non-binding letter of intent (LOI) to acquire all the outstanding equity interest in the new electric vehicle brand Aiways Holdings Limited.
China Liberal Education is a China-based company that provides smart campus solutions and other educational services.
The acquisition would value all the equity interests of Aiways at an aggregate amount ranging from $5.0 billion to $6.0 billion.
On the closing of the deal, all the equity interests of Aiways will be converted into the ordinary shares of China Liberal.
Both parties are currently completing their respective due diligence review of the other party and are continuing to negotiate the terms of a definitive agreement.
