SYDNEY, AUSTRALIA: BikeExchange Limited (ASX: BEX) has completed the acquisition of the remaining 50% of the share capital of BikeExchange Colombia S.A.S (BECOL) for AUD $1.24 million in a majority equity transaction.
This follows the announcement in January 2022 that BikeExchange had signed a non-binding indicative offer to acquire the remaining 50% of BECOL it did not already own. BikeExchange has operated BECOL as a joint venture since its inception four years ago. The acquisition will see the entity 100% owned by BikeExchange Limited.
The acquisition allows BikeExchange to capture the growing interest in bikes from Colombians in a market worth over AUD$300m annually and fully develop the strategic partnership announced last year with the leading distributor of bikes and electric vehicles in Colombia, Auteco.
It also provides a platform to expand into other LatAm regions, including Mexico and Chile, which the Company expects to progress later in 2022.
BikeExchange’s Global CEO Mark Watkin said: “The acquisition of the remaining 50% of BECOL cements our presence in Colombia and provides exciting opportunities for growth in the LatAm region, building on our established Auteco partnership there. This reinforces our truly global network and we look forward to capitalising on the growing interest in cycling in the South America region.”
The acquisition will be funded through the issuance of 6.6m BEX shares and $0.2m in cash and has been completed in line with previous time frames during Q3 FY22.
BikeExchange Limited (ASX: BEX) is a leading operator of global online cycling focused marketplaces that enable a dedicated and growing global audience of consumers to connect and transact with thousands of retailers and brands.
