09:18 AM EDT, 06/20/2024 (MT Newswires) -- Huize Holding ( HUIZ ) said Thursday it is acquiring Vietnam-based insurance technology firm Global Care Consulting.

Huize ( HUIZ ) said its international arm Poni Insurtech will acquire a controlling stake in Global Care by buying existing shares and through subscription of new shares in multiple closings.

VinaCapital Ventures, a Vietnamese investor in Global Care, will receive as partial consideration 1.7% of Huize's ( HUIZ ) issued share capital on a fully diluted basis, half of which will be subject to a one-year lock-up period, according to Huize ( HUIZ ).

Global Care will become Huize's ( HUIZ ) subsidiary after the transaction closes, Huize ( HUIZ ) said.

Financial details of the transaction were not disclosed.