Infant formula maker Bubs (ASX:BUBS) has bought Australia Deloraine Dairy, an Australian canning facility that meets regulatory import conditions into China.
Bubs will pay an initial $25 million in cash and $10 million in Bubs shares for the Melbourne-based company, with further payments of up to $15 million if targets are met.
A month ago the Bubs announced a joint venture with Beingmate, a Chinese baby and child food company.
The company also partnered with investors C2 Capital to raise $31.44 million at a $0.65 per share.
Shares in Bubs (ASX:BUBS) trading 3.11 per cent lower at 78 cents.
