Binance.US to acquire Voyager assets for $1.022 billion
Voyager Digital has announced that it has chosen the U.S. exchange BAM Trading Services Inc. (Binance.US) as its acquirer, with Binance.US offering $1.022 billion, including the fair value of Voyager's cryptocurrency investment portfolio estimated at $1.002 billion at current market prices, and an additional consideration of $20 million in incremental value. Furthermore, Voyager's debt to Three Arrows Capital will be distributed to creditors in the future.
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Voyager Digital announced that it has chosen the U.S. exchange BAM Trading Services Inc. (Binance.US) as its acquirer, with Binance.US offering $1.022 billion, including the fair value of Voyager's cryptocurrency portfolio estimated at $1.002 billion at current market prices, as well as an additional consideration of $20 million in incremental value. Additionally, Voyager's future claim against Three Arrows Capital will be distributed to creditors.
Binance.US will pay a deposit of $10 million and will reimburse Voyager up to a maximum of $15 million in expenses, with the option to extend the deadline by one month if the transaction is not completed by April 18, 2023. The acquisition agreement by Binance.US allows Voyager to take immediate action to return funds to customers. Voyager Digital LLC will seek bankruptcy court approval to sign the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023. The acquisition by Binance.US will be completed under the bankruptcy plan, which will be subject to creditor votes and other customary closing conditions. The transaction will be completed immediately after the bankruptcy court approves the bankruptcy plan.
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