Bakkt agrees to acquire Apex Crypto for up to $200M
Bakkt announced Thursday that it has agreed to acquire Apex Crypto in a deal that could be worth up to $200 million.
Why it matters: The acquisition will enable Bakkt to expand its offerings beyond its consumer business to serve more fintechs, trading apps and neo-banks.
Details: Bakkt is acquiring the crypto custody and clearing business from Apex Fintech Solutions and has agreed to pay $55 million in cash at the close of the deal.
- Bakkt will be on the hook for an additional $45 million in stock if Apex Crypto hits certain financial targets in the fourth quarter of 2022, as well as $100 million in stock and seller notes if the unit reaches certain targets through 2025.
- The deal is expected to close in the first half of 2023.
Between the lines: According to the announcement, Apex Crypto serves more than 30 fintechs and their customers.
- As part of the deal, the unit will continue to offer custody and clearing services to Apex Fintech's clients under a commercial agreement.