Pine Labs buys Fave for RM185mil

In a joint statement, the companies said that Fave’s investors would receive an all-cash payout, while founders and key Fave employees would receive both cash and Pine Labs shares

KUALA LUMPUR: Commerce platform Pine Labs has acquired Malaysian-based e-commerce and fintech firm Fave in a cash and equity deal valued at over US$45mil (RM185mil) to accelerate their growth in the Asia region.

In a joint statement, the companies said that Fave’s investors would receive an all-cash payout, while founders and key Fave employees would receive both cash and Pine Labs shares.