11:13 AM EDT, 10/30/2024 (MT Newswires) -- Brand Engagement Network ( BNAI ) said Wednesday that it has agreed to acquire Cataneo, a privately owned media technology company based in Germany, for $19.5 million in cash and shares.

The consideration comprises $9 million in cash and 4.2 million Brand Engagement Network ( BNAI ) common shares valued at $2.50 per share, according to the statement.

Brand Engagement Network ( BNAI ) expects to close the transaction in Q4, subject to securing financing, guarantees by certain shareholders, and regulatory approvals. Following closing, Cataneo will become a Brand Engagement Network ( BNAI ) unit with plans to expand in the US and Latin America, according to the company.

Brand Engagement Network ( BNAI ) shares were down over 6% in recent Wednesday trading.

Price: 0.87, Change: -0.06, Percent Change: -6.55