A few hours after Galaxy Digital disclosed its intention to cancel the BitGo acquisition agreement, BitGo made a move to sue Galaxy Digital for the payment of a $100 million termination fee.
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Galaxy Pulls Out of BitGo Acquisition Agreement
According to a release by Galaxy on Monday, Galaxy Digital has ended its BitGo acquisition plans stating that the length of the acquisition has been “frustrating,” although it still intends to go public.
Galaxy Digital says BitGo failed to deliver the 2021 financial statements in compliance with the July agreement. According to Galaxy, no fees are tied to the termination.
“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner,” Galaxy CEO Mike Novogratz said in a statement. “We are committed to continuing our process to list in the US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions.”
The company’s plan to acquire BitGo was first revealed in May last year in a cash and stock transaction valued at nearly $1.2 billion.
BitGo to Sue Galaxy Digital For Pulling Out of the Acquisition Agreement
In response to Galaxy Digital’s pulling out of the BitGo acquisition deal, BitGo has revealed plans to sue Galaxy Digital for a $100 million termination fee as promised by the crypto investment firm Digital Galaxy which it failed to meet up with.
According to BitGo, the move by Galaxy to pull out of the merger agreement is an “improper decision,” the deal was not scheduled to expire until December 31, BitGo noted.
As part of the move to sue Galaxy, BitGo has hired a law firm Quinn Emmanuel.
A partner at Quinn Emanuel, R. Brian Timmons commented on the matter, according to Timmons, BitGo has honored its obligations including submitting its audited financials.
“Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more,” Timmons added.
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