Circle to become a public company through merger with Concord Acquisition Corp
By Pavithra R
Circle, a global financial technology firm that provides payments and treasury infrastructure for digital businesses, has announced that it has entered into a definitive business combination agreement with Concord Acquisition Corp, a publicly traded special purpose acquisition company.
Under the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly traded company, expected to trade on the NYSE under the symbol “CRCL”. The transaction values Circle at an enterprise value of $4.5 bn.
“Circle is the true pioneer of trusted digital currencies, an increasingly critical part of the global financial system. The firm has earned its exceptionally strong reputation building highly innovative blockchain-enabled products and services within the regulatory perimeter. Circle’s world-class leadership team, its track record of delivery, and extraordinary ambition help position the firm as one of the most exciting companies in the transformation of finance,” said Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital.
Founded in 2013, Circle is a global FinTech firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments and commerce worldwide. Its mission of raising global economic prosperity through the frictionless exchange of financial value is being met through a series of internet-native, digital currency powered, transaction and treasury services that help businesses and financial institutions globally to take advantage of the shift to a digital currency and blockchain powered global financial system. Circle is the principal operator of the fastest growing dollar digital currency, USD Coin (USDC).
“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet. We’ve made huge strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system. We are thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world,” said Jeremy Allaire, Circle’s co-founder and CEO.
Upon consummation of the transaction, existing Circle shareholders will maintain approximately 86% ownership interest in the combined company. Proceeds of the transaction will support Circle’s continued growth through ongoing product development in close collaboration with its initial customers.
IBSi Prime News
November 26, 2021
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