Galaxy Digital Holdings Ltd.
a financial services and investment manager in the digital asset, cryptocurrency and blockchain technology sectors, said Wednesday it has agreed to acquire BitGo, an independent digital assets infrastructure provider, for $1.2 billion in stock and cash. Under the terms of the deal, BitGo shareholders will receive 33.8 million newly issued shares of Galaxy Digital plus $265 million in cash. Galaxy will use its balance sheet to fund the cash portion of the payment price, a large part of which will be deferred up to 12 months after the deal closes. At close, Galaxy will issue incremental shares to BitGo’s shareholders in exchange for net digital assets. BitGo shareholders will own 10% of the pro forma new company, and Galaxy will retain most of BitGo’s employees and management team. The deal is expected to close in the fourth quarter. “The acquisition will…

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