Smart Share Global Limited (EM) entered a merger agreement on August 1, 2025, to be taken private by Mobile Charging Group Holdings Limited for $327 million.
Mobile Charging Merger Limited, a subsidiary of Mobile Charging Group, will merge with Smart Share, and Smart Share will continue as the surviving company, becoming a wholly-owned subsidiary of Mobile Charging Investment Limited.
Smart Share will be acquired by a consortium of investors, which includes Trustar Mobile Charging, as well as Smart Share’s CEO, Mars Guangyuan Cai, President Peifeng Xu, Chief Marketing Officer Victor Yaoyu Zhang, and CFO Maria Yi Xin.
Each American Depository Share (ADS) of Smart Share, representing two class A ordinary shares, will be exchanged for $1.25 in cash per ADS. Each outstanding share will be exchanged for $0.625 in cash per share.
The purchase price of $1.25 per ADS represents a 7.76% premium from the stock’s last close.
Smart Share Global or Energy Monster is a consumer tech company that provides mobile device charging services across China through a vast network of shared power banks placed in high-traffic locations like restaurants, malls, and transport hubs.
In January, Smart Share received a non-binding proposal letter from Trustar Mobile Charging and its affiliates. The proposal offered to acquire all outstanding ordinary shares of the company, including Class A ordinary shares represented by ADS, for a cash purchase price of $0.625 per ordinary share or $1.25 per ADS. The stock was trading at $0.72 per ADS before the proposal was made public.
The Consortium plans to fund the merger through cash contributions from certain members, a committed term loan from Bank of China Limited (Shanghai Branch), and rollover equity from the Rollover Shareholders.
The deal is expected to close during the fourth quarter of 2025.
Kroll was the financial advisor, and Smart Share received legal advice from Skadden, Arps, Slate, Meagher & Flom, Maples and Calder (Hong Kong), and Commerce & Finance Law Offices. Mobile Charging got legal support from Davis Polk & Wardwell, Weil, Gotshal & Manges, Harney Westwood & Riegels, and Haiwen & Partners.
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Editor’s Note: Baranjot Kaur contributed to this article