Airport group to acquire Tianli Power Heating for $10.5M

Beijing Airport High-Tech Park (SSE: 600463), also known as Airport Group, announced its plan to acquire 100% of Beijing Tianli Power Heating Co., Ltd. for approximately 74.42 million yuan ($10.5 million). The acquisition price is based on an assessment by Beijing Tianjian Xingye Assets Appraisal Co., Ltd. and is subject to regulatory approval. Tianli Power Heating provides heating services to businesses and residents in the Beijing Capital Airport economic zone, covering around 3.955 million square meters. This acquisition is considered a related party transaction as the seller, Beijing Airport Economic Development Co., Ltd., is Airport Group’s controlling shareholder. The deal awaits shareholder approval and requires completion of regulatory procedures. Airport Group intends to fund the acquisition through internal resources. This acquisition represents a strategic move for Airport Group to expand its service offerings within the airport economic zone.