Urban Tea completed its acquisition of a 51% stake in Hunan 39 Pu Tea Co.

Urban Tea, a retailer of specialty teas and baked goods based in Hunan, China, completed its acquisition of a 51% stake in Hunan 39 Pu Tea Co, a limited liability company organized under the laws of the PRC. Financial terms were not disclosed. "It is a great honor for 39 Pu Tea to be a part of the public company, Urban Tea. The completion of this acquisition will strengthen our brand recognition and our ability to drive growth together with Urban Tea. As 39 Pu Tea's management, we are confident in Urban Tea's strategic planning and will support our business partner with continuous contributions." De'an Hu, 39 Pu Tea CEO.