Saxo Bank announced the termination of its proposed merger deal today with Disruptive Capital Acquisition Company (DCAC), that would have made the broker public, Finance magnates reports.
“It has after careful consideration been determined that the timing is not optimal,” the official press release on the termination of the announcement stated.
The potential deal between Saxo and the SPAC was initially announced in mid-September. If it had materialized, the merged entity was expected to list on the Euronext Amsterdam. The SPAC’s founder Edmund ‘Edi’ Truell launched Disruptive Capital in October 2021 with a £125 million ($172.5 million) listing on the Amsterdam Stock Exchange.
Headquartered in Denmark, Saxo is a major player in the forex trading industry, providing services to retail and professional traders. The purpose of the now-failed merger deal was to diversify its shareholder base. Read more.
