Foresight Signs Term Sheet To Acquire 50.01% Stake In Polish Data Center Projects
(RTTNews) - Foresight Autonomous Holdings Ltd. (FRSX), an Israeli technology company, on Tuesday announced that it has signed a non-binding term sheet to acquire a 50.01% controlling stake in a company developing data centers in Poland.
The transaction is subject to due diligence, an independent valuation, definitive agreements and required approvals.
The proposed acquisition would give Foresight control of a data center development company.
The company is developing two projects in Warsaw and Wroclaw, Poland, with a combined planned capacity of up to 270 MW.
The purchase price will be determined through an independent valuation.
The acquisition consideration is expected to be financed entirely through a seller loan.
The company also expects to contribute approximately $1 million toward existing shareholder loans and provide additional loans of up to $2.5 million to advance the projects.
In the pre-market trading, Foresight is 11.64% lesser at $0.7000 on the Nasdaq.
