KUALA LUMPUR: Commerce platform Pine Labs has acquired Malaysian-based e-commerce and fintech firm Fave in a cash and equity deal valued at over US$45mil (RM185mil) to accelerate their growth in the Asia region.
In a joint statement, the companies said that Fave’s investors would receive an all-cash payout, while founders and key Fave employees would receive both cash and Pine Labs shares.
The deal will help reinforce Fave’s market position in South-East Asia and the Fave app will be rolled out across all major Indian cities this year.
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