Bakkt, a platform focused on institutional investors, has recently signed a definitive agreement to acquire Apex Crypto from Apex Fintech Solutions in a $200 million deal.
According to the press release, at closing, Bakkt will pay $55 million in cash and up to $45 million in treasury stock, contingent on the acquired business achieving its financial goals in the fourth quarter of 2022.
Up to $100 million more could be paid to the seller in stock and notes upon Apex Crypto meeting its plans through 2025.
The parties plan to close the deal in the first half of 2023 after receiving regulatory approval.
Apex Crypto is an integrated cryptocurrency trading platform that provides transaction execution, clearing, storage and tax settlement services.