Crypto infrastructure provider Banxa Holdings (TSXV: BNXA) is set to be acquired by the Hong Kong-listed OSL Group. The transaction will see Banxa acquired for all cash as OSL works to grow its position in the digital asset industry.
Under the terms of the agreement, Banxa shareholders are set to receive $1.55 per share of Banxa held, a figure which represents a premium of 80% versus the 30 day volume weighted average price of the equity.
“We are delighted to be combining Banxa and OSL’s aligned vision of delivering the benefits of global crypto payments infrastructure and crypto exchange services to enterprises and users around the world. We are excited to be joining the OSL team to accelerate the growth of our platform at a global scale,” commented Banxa executive director Zafer Qureshi.
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The acquisition is said to have been approved unanimously by the board, while also receiving a fairness opinion by Evans & Evans, Inc which states that the transaction is fair from a financial point of view.
The transaction remains subject to shareholder approval, with a $4.25 million termination fee currently in play. Shareholder support has already been obtained from 33% of the issued and outstanding shares of the company.
The purchase of Banxa is currently expected to close following the shareholder meeting in August, if approved.
Banxa is a crypto infrastructure provider whom enables the embedding of crypto payments systems into traditional business, allowing for the integration of crypto and fiat payments.
Banxa last traded at $1.06 on the TSX Venture.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
