PrimeBlock and 10X Capital Venture Acquisition II today announced a definitive business combination agreement that values the combined company at an estimated enterprise value of $1.25 billion.
If the SPAC’s shareholders approve the deal, former Goldman Sachs investment banking veteran Gaurav Budhrani will be CEO and the combined company is expected to list on the Nasdaq.
PrimeBlock is an infrastructure provider for blockchain technology that owns and operates a portfolio of proprietary data centers and crypto assets mining operations in North America.
Specific deal terms were scant in the press release, although 10X and PrimeBlock said they have secured a $300 million committed equity financing facility from a Cantor Fitzgerald affiliate. 10X raised $200 million in an August 2021 IPO.
The deal is expected to close in the second half of 2022, subject to customary approvals. Read more.
