As per a recent announcement by Voyager Digital, Sam Bankman-Fried FTX has won the race to acquire Voyager after several rounds of bidding in a highly competitive auction process that lasted for weeks.
Since the crypto market downturn, crypto firms especially lending firms have announced the freezing of transactions on their platforms with none of them resuming transactions to date.
Embattled Voyager commenced its auction process that lasted for two weeks and has finally announced FTX.US as the winner of the acquisition race.
According to the announcement, FTX.US bid to buy Voyager Digital is valued at about $1.433 billion and comprised of the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion, and additional consideration that is estimated as providing approximately $111 million of incremental value. The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate’s creditors.
The press release also stated that FTX US bid maximizes value and minimizes the remaining period of the company’s restructuring through the provision of a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors.
“FTX US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the Bankruptcy Court.” said in a statement in the release.
The deal by FTX US to purchase the lending firm will be presented to the United States Bankruptcy Court for the Southern District of New York on October 19 for approval.
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Voyager Restructuring Process
Prior to the auctioning process, Voyager Digital has already entered a restructuring process that is aimed at returning maximum value to clients.
Since the firm filed for creditors protection, it has engaged in a dual-track process by looking at a potential sale and a standalone reorganization, inline with this move, the firm received several bids, and as a response to these bids, it has been contemplating on which of the options to consider.
Voyager however held an auction and based on the results it received from the auction process, it has concluded that the sale of the firm to FTX is the best for the firm among the options.
The release also noted that the information on when the customers will have access to crypto will be shared once it is available.
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