"NEW YORK AND SAN FRANCISCO, May 5, 2021 /PRNewswire/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" or the "Company"), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, announced today that it has agreed to acquire BitGo, the leading independent digital assets infrastructure provider. ... Under the terms of the merger agreement, the consideration to BitGo shareholders will consist of 33.8 million of newly issued shares of Galaxy Digital common stock and $265 million in cash, subject to certain adjustments and deferred purchase considerations, implying an aggregate transaction value of approximately $1.2 billion based on Galaxy Digital's closing share price on May 4, 2021."
"Galaxy Digital, the cryptocurrency-focused financial services firm run by noted investor Michael Novogratz, has abandoned its plan to buy BitGo, saying the crypto custody specialist had failed to provide financial statements by a deadline of the end of July. The acquisition was announced May 2021 for what was, at the time, about $1.2 billion in stock and cash. It was expected to close by the end of that year. BitGo had been required to deliver audited financial statements for 2021 by July 31 and didn't do so, Galaxy Digital said in a statement Monday."
"Investment firm Galaxy Digital has ended its $1.2 billion acquisition agreement with digital assets platform BitGo. Galaxy terminated the deal after BitGo missed a July 31 deadline to turn over audited financial statements for last year that comply with the terms of the deal, according to a Monday (Aug. 15) press release. Galaxy will not have to pay a fee for the termination."
