Circle, a global financial technology firm that provides internet-native payments and treasury infrastructure, filed a registration statement, including a preliminary proxy and prospectus on its proposed business combination with Concord Acquisition. Terms of the agreement call for a new holding company to acquire both Concord and Circle, and trade on the NYSE under CRCL.
The transaction values Circle at an enterprise value of $4.5 billion.
The business combination is supported by a $415 million PIPE with participation from institutional investors including Marshall Wace, Fidelity Management & Research, Adage Capital Management, accounts advised by ARK Investment Management and Third Point. Including the contribution of up to $276 million of cash held in Concord Acquisition’s trust account (assuming no redemptions), the transaction is expected to deliver up to $691 million of gross proceeds to the combined company. Read more.
