South Korean cryptocurrency exchange Bithumb’s stake sale deal worth about 400 billion won (~$333 million) is said to be on the risk of falling apart.
The Korea Herald repor...
South Korean cryptocurrency exchange Bithumb’s stake sale deal worth about 400 billion won (~$333 million) is said to be on the risk of falling apart. The Korea Herald
The deal was expected to get completed in February, but BK Global has reportedly not paid the full amount to BTC Korea Holdings, except for a down payment of $100 million. “The down payment might become a subject of a legal battle,” per the report.
In July, Dual Industrial, a Korea-listed company, announced a plan to buy a 57% in BK Group for 235.7 billion won (~196.8 million) -- a move was seen as an effort by the group to finance the Bithumb acquisition, but Dual withdrew the plan later that month, per the report.
Earlier this month, BK Group then reportedly found another investor Cho Yoon-hyeong, who is behind Korea-listed firm Cornerstone Networks. “The deal is proceeding smoothly, and we’re working on details with BTC Holdings,” Cho was quoted as saying in the report, adding that he expects to complete the acquisition soon.
While a Bithumb official said in the report: "Bithumb has stable management, so there won’t be any impact should the deal collapse."
source https://www.tokentalk.co/The Block/bithumbs-acquisition-deal-worth-over-300m-with-bk-global-could-fall-apart-reports-5d91ad918c52385135d70cb3
No comments:
Post a Comment