GigaCloud Technology To Buy New Classic Home Furnishing For $18 Mln

(RTTNews) - GigaCloud Technology Inc. (GCT), a B2B technology solutions provider, Friday announced that it entered into a binding term sheet for the acquisition of New Classic Home Furnishing for a total consideration of $18 million on a debt-free basis.

The company noted that by integrating New Classic's established brick-and-mortar network with GigaCloud's transformative technology and fulfillment capabilities, it can now offer a complete and flexible suite of solutions and products to the retailer customers.

Under the acquisition, to be funded from GigaCloud's existing cash on hand, New Classic will maintain its brand identity and management team.

The transaction is expected to close on January 1.

In the premarket activity, shares were trading 1.66 percent or 0.46 cents higher at $28.25 on the Nasdaq.