Bakkt set to buy Apex Crypto in deal worth up to $200m
US-based digital asset firm Bakkt has signed a definitive agreement to acquire Apex Crypto, a cryptocurrency trading platform, for a maximum purchase price of $200 million.
Bakkt to buy Apex Crypto
According to the transaction details, Bakkt will initially pay $55 million in cash at deal close and up to $45 million in Bakkt stock depending on financial targets achieved by Apex in Q4 2022. The company will then pay up to an additional $100 million in stock and seller notes depending on financial targets achieved by Apex through 2025.
With the acquisition, Bakkt aims to “significantly bolster” its cryptocurrency product offerings and serve more client verticals including fintechs, trading app platforms and neobanks.
Gavin Michael, CEO of Bakkt, says the acquisition “will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions”.
Bakkt also expects the deal will unlock more opportunities such as crypto rewards and NFTs that will appeal to the next generation of consumers.
Launched in 2019, Apex Crypto allows users to buy and sell more than 30 cryptocurrency tokens and claims to have 220+ clients.
The transaction is expected to close in the first half of 2023, subject to regulatory approvals.
