Cango Paves Way For Takeover By Agreeing To Sell China-based Business
The $352 million sale could pave the way for a Singapore-linked entity to take control of Cango as it transitions from car trader to bitcoin miner
Cango Inc. (CANG.US) said last Thursday it agreed to sell its original China-based business, the latest step of its recent transformation from car trader to bitcoin miner. It added the sale will help to advance another deal to transfer control of the company under a separate but related proposal announced last month.
The latest agreement will see Cango sell its China-based business for $352 million to Ursalpha Digital Ltd., according to the Thursday announcement. Urslapha, described only as a British Virgin Islands company, will pay $211 million up front, with the remainder to come in installments based on certain tax filing and payment obligations.
The deal comes less than a month after Enduring Wealth Capital Ltd. proposed taking control of Cango, in a process …
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