BitGo to Sue Galaxy Digital For Pulling Out of $1.2 Billion Acquisition Deal

BitGo to Sue Galaxy Digital For Pulling Out of $1.2 Billion Acquisition Deal

Share Post:

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.

Being a crypto enthusiast reflect in the number of trades you’ve actually won, or the level of management of portfolio, meanwhile, nobody is an island of knowledge, however your expertise, you can always learn more, MyCryptoParadise has a group of experts with many years of trading experience in cryptocurrency, you should be a beneficiary of our topnotch crypto trading skills and this is an opportunity that is scarce in the crypto space.

We do not only share free trading signals on MyCryptoParadise channels, the Paradise Team through our ParadiseFamilyVIP dispenses life-changing information and education to our ParadiseFamilyVIP on Binance (Spot&Futures), Kucoin, Bybit, and Bitmex which we strongly recommend for our BTC and ETH exclusive trading.

We share our personal trading signals with little or no effort required from our clients, in fact, you don’t need to be an expert, we will walk you through the process of winning trades. Isn’t that sexy?

Use PRO20% for your special 20% discount today as the promo expires soon. Click here to see reviews from happy clients.

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.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Recent Articles

Follow Us

Trade Crypto Like a PRO

Decrease the risk of losing everything you have.

A team of 4 professional traders is sharing their personal daily trade setups with you.

Imagine finally having the right strategy, insights and knowledge to profit from the volatile crypto market movements consistently.

Safe Time, and Start Trading Like a PRO Today
Dark Mode