Kondor AI to create AI agent-focused firm with acquisition of Ora Tech

(Alliance News) - Kondor AI PLC announced on Friday that it has made an all-share acquisition offer for Ora Technology PLC, following several months of deadline extensions.

Under the agreement, software developer Kondor will acquire 59.10% of the share capital of Ora, which has developed a platform for digital carbon trading.

Kondor has developed a unified marketplace for businesses and AI agents, which it will call sundae_bar.

Kondor Chair Jonathan Bixby stated: "The board is pleased to announce the proposed acquisition of Ora by Kondor which it firmly believes will benefit both our existing and new shareholders. This transaction creates a well-positioned and well capitalized pure play AI company giving the combined group's shareholders the opportunity to participate in potential upside from the complementary Kondor and Ora technologies, with a focus on AI Agents.

"Ora's infrastructure can support the scaling of Kondor's AI functions into a broader marketplace where developers create, share, and monetize other niche AI tools," Kondor said.

Kondor and Ora agreed on a revised ratio of 0.9848 Kondor shares for each share in Ora. This followed Ora's issuance of 3.2 million shares on December 9.

The offer represents a value of about 9.79 pence per share. This is a 1.6% discount to both the 9.95% closing price on and ten-day volume-weighted average price.

The firms had extended the put up or shut up date several times prior to Friday, to September 20, October 18, November 15, December 13, January 10 and to March 7.

Both companies' shares were suspended in August to facilitate the offer process.

By Aidan Lane, Alliance News reporter

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