On December 24th, Beike Holdings Limited announced the termination of its proposed acquisition of all remaining equity in Space Intelligence. According to the announcement by Beike Holdings Limited on October 11, 2023, the transaction involves the acquisition of 98.0805% equity in Space Intelligence. Space Intelligence is the parent company of Love Space. As of the time of writing, there has been no response to an interview with Love Space by a reporter from the Beijing News.
According to the announcement, on December 23, 2024, after careful consideration of factors such as uncertainty in reaching delivery conditions and reaching an agreement with all parties involved, in accordance with the terms of the relevant equity acquisition agreement, Beike has decided to terminate the equity acquisition agreement between its subsidiary Beike Meijia and Space Smart Decoration (Beijing) Co., Ltd. and all existing shareholders (excluding Beike Meijia itself). According to the announcement, the proposed acquisition will not proceed and has been terminated. As of the announcement date, Beike has not paid or paid any consideration for the acquisition.
According to public information, Space Intelligence was founded in 2010 and is a leading service provider providing one-stop home decoration services. Through its "Love Space" brand, it covers 14 cities. In October last year, Beike announced that it had signed an equity acquisition agreement with Love Space. After the acquisition is completed, Love Space will become its wholly-owned subsidiary, with a transaction price not exceeding approximately RMB 1.55 billion. Based on the completion of delivery conditions, the transaction is expected to be completed in the first half of 2024.