US-based digital asset firm Bakkt has signed a definitive agreement to acquire Apex Crypto, a cryptocurrency trading platform, for a maximum purchase price of $200 million.
According to the transaction details, Bakkt will initially pay $55 million in cash at deal close and up to $45 million in Bakkt stock depending on financial targets achieved by Apex in Q4 2022. The company will then pay up to an additional $100 million in stock and seller notes depending on financial targets achieved by Apex through 2025.