Cryptocurrency marketplace Bakkt has announced it will acquire cryptocurrency trading platform Apex Crypto for up to $200 million.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
The company said in a press release that the deal is expected to "significantly bolster" the company's product offering and expand its footprint into "additional client verticals." Bakkt CEO, Gavin Michael, said that the deal will serve as an "additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions." He added:
"It's also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs."
Under the agreement, Bakkt will initially pay $55 million in cash at the closing of the deal, and up to $45 million in its shares depending on the achievement of financial targets by the platform in Q4, 2022.
Bakkt may also pay up to $100 million in shares and seller notes depending on the achievement of financial targets by the acquired business through 2025. The deal is expected to close in the first half of 2023.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange