Salt Lake-based NovaMed Inc. said Tuesday it plans to acquire all of World Wide Auctioneers Ltd., an international heavy equipment auction company based in Dubai, United Arab Emirates.
The letter of intent states that NovaMed plans to issue up to 42 million new shares of common stock to World Wide Auctioneers Inc., the parent of WorldWide, in exchange for the acquisition.
WorldWide is an international equipment auction company that holds unreserved auctions for the sale of construction, industrial and transportation equipment on consignment. Its primary operations are focused in the Middle East.
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The companies expect to sign a definitive acquisition agreement by the end of July.