ASX-listed Appen to spend around AU$340m on AI startup Figure Eight

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Appen Limited has announced its intention to wholly acquire Figure Eight Technologies for a total consideration of approximately AU$340 million.

The Australian Securities Exchange (ASX)-listed artificial intelligence (AI) and machine learning-focused firm will raise AU$285 million, at an offer price of AU$21.50 per new Appen share to fund the acquisition, which will see an upfront payment of approximately AU$250 million.