The ACA Group, which has bases in Singapore and Japan, has decided to give up on the planned acquisition of BitFlyer Holdings, which owns a crypto exchange in Japan, Nikkei reported today in its Japanese language edition.
ACA had agreed in April with a coalition of BitFlyer Holdings shareholders to buy a majority stake, estimated at the time to have a value of as much as 45 billion yen ($370 million).
The decision comes as a number of planned M&As have failed, including Galaxy Digital terminating the acquisition of crypto custodian BitGo, and Thailand’s SCB X calling off its deal to acquire crypto exchange Bitkub Online, both in August.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.
Source: https://www.theblock.co/post/174231/aca-group-decides-to-give-up-on-bitflyer-holdings-acquisition-nikkei?utm_source=rss&utm_medium=rss