Concorde International Group Ltd (NASDAQ:CIGL) shares climbed 20.9% on Wednesday after the company unveiled a merger agreement with YOOV Group Holding Limited, an artificial intelligence–driven provider of business automation solutions.
The transaction assigns a $600 million valuation to YOOV and marks a strategic shift for Concorde, which is combining its background in security services with YOOV’s AI technology platform. As part of the deal, CIGL will establish a new subsidiary that will merge with YOOV, resulting in YOOV becoming a wholly owned unit of Concorde.
Under the terms of the agreement, YOOV shareholders will receive newly issued Class A ordinary shares in CIGL. The exchange is based on a CIGL share price of $3.00, which represents a premium to the stock’s previous closing price of $2.70.
“This integration represents a transformative event in our growth strategy and strengthens our position in intelligent services,” said Alan Chua, CEO and Chairman of CIGL. “YOOV’s AI-driven automation and intelligence technologies transform our existing capabilities and provide meaningful opportunities to enhance service delivery, improve operational agility, and create long-term value for our shareholders.”
Once the merger is completed, YOOV’s founder and CEO, Phil Wong, is expected to take on the role of Co-Chief Executive Officer at CIGL. The combined group plans to use Concorde’s regional security services presence alongside YOOV’s AI capabilities to offer integrated solutions across Southeast Asia and other global markets.
The deal also aligns with Singapore’s Economic Strategy Review, which highlights the importance of technology adoption and productivity improvements as key drivers of enterprise growth.