Anemoi International Ltd (LSE:AMOI) shares surged 80% after it proposed a reverse takeover of Trasna Solutions Technologies, an Ireland-based provider of integrated hardware and software solutions for cellular connectivity and IoT applications.
The deal is for total consideration of up to £150 million, paid for with an equity fundraising, and subject to due diligence.
Once the deal is complete, the plan is to move the enlarged group from AIM to the London main market and rebrand as Trasna Technologies Ltd.
Anemoi chairman Duncan Soukup said: "We are extremely pleased to have signed heads of terms with Trasna. We believe the proposed transaction presents a significant and scalable growth opportunity for both AMOI as well as Trasna shareholders."
Trasna, which according to its website has over 600 employees across operations in Europe, India and the UAE, after being founded in 2018 by tech entrepreneur Stéphane Fund, fresh from the sale of his software business to UK chip giant ARM Holdings.
Fund said the reverse takeover "marks a defining moment in Trasna’s journey. By joining forces with Anemoi, we are opening a new chapter."
Anemoi has an exclusivity period until 31 December 2025.