Qenta and Blockchain Coinvestors Acquisition I today announced a definitive merger agreement at a combined pro forma total enterprise value of approximately $622 million.
Qenta operates through three integrated segments: Qenta Digital Assets, offering provenance, custody, and ownership tracking of precious metals; Qenta Payments, with newly launched alternative banking and payment applications; and Qenta Capital & Risk Management, offering specialized hedging products and margin financing for soft commodities and precious metals.
Blockchain Coinvestors I raised $300 million in an upsized November 2021 IPO.
The SPAC said it has secured a forward purchase agreement with Vellar Opportunity Fund SPV – Series 5, a client of Cohen & Company Financial Management. Funds managed by Cohen own equity interests in BCSA’s sponsor. Under this FPA, has agreed to purchase in the open market and not redeem up to 12 million shares.
As part of its public readiness preparation, Qenta secured a $180 million capital commitment from GEM Global Yield, a Luxembourg-based private alternative investment group. Under that agreement, GEM would provide Qenta with a share subscription facility for a 48-month term following the completion of the business combination.
Perkins Coie and Pillsbury Winthrop Shaw Pittman are acting as legal counsel to the SPAC. Read more.
