Exchange Giant, FTX Wins Bid to Acquire Voyager Digital’s Assets
FTX, a cryptocurrencies exchange platform has won the bidding to buy crypto lender, Voyager Digital’s assets after multiple round of bidding.
Winning the Bid
FTX US’ bid has a value of approximately $1.422 billion, comprising the fair market value of all Voyager cryptocurrencies at a future date, estimated at $1.311 billion at current market prices, plus additional consideration estimated to provide approximately $111 million in incremental value.
Related: FTX CEO SBF Says A Clear Regulation Process May Help Curb Crypto Meltdown
With its bid, FTX US maximizes value and minimizes the duration of the Chapter 11 filing, allowing the Debtors to recover value for their customers and creditors.
As soon as the Company’s chapter 11 cases are concluded, customers will be able to trade and store cryptocurrency on FTX US’s market-leading, secure trading platform.
Purchase Agreement Will be Presented To US Bankruptcy Court for Approval
On Wednesday, October 19, 2022, the asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval by the United States Bankruptcy Court for the Southern District of New York, and objections must be filed by 4:00 p.m. on October 12, 2022.
A chapter 11 plan will be used to consummate the sale to FTX US, which will be subject to a creditor vote as well as other customary closing requirements.
As soon as the bankruptcy court approves FTX US’s chapter 11 plan, the Company and FTX US will work together to close the transaction.
The auction follows Voyager’s announcement on July 5, 2022 that it would be undergoing a voluntary restructuring process aimed at returning maximum value to its customers.
Related: FTX in Talks with Investor to Raise $1 billion in new funding
As outlined in the court documents, Voyager received multiple bids contemplating the sale and reorganization of the company, held an auction, and determined based on the auction results that the sale transaction with FTX is the best option for Voyager stakeholders.
For more info regarding Crypto Alpha and NFTs Alpha. Always follow us on Twitter and Instagram
