Ryde proposes buying 10% stake in OneT Solutions
RYDE•Ryde Group entered a non-binding term sheet to acquire a 10% stake in OneT Solutions using cash and newly issued shares. An option could raise its ownership to 20%, subject to valuation, due diligence, definitive agreements and approvals.
1. Proposed investment
Ryde Group entered a non-binding term sheet to acquire a 10% stake in OneT Solutions from its two shareholders. Consideration would consist of cash and newly issued Ryde Class A ordinary shares.
2. Potential additional stake
Ryde could acquire another 10% within nine months of the initial completion, bringing its ownership to 20%. Final valuation is subject to an independent valuation and satisfactory due diligence; completion requires definitive agreements and corporate and regulatory approvals. The parties have a 60-day exclusivity period and aim to sign definitive agreements within 90 days of signing the term sheet.
