- Circle renegotiated deal with Concord
- This reflects the outlook for the USDC stablecoin issued by Circle
- The transaction will be completed in December of this year or next January
- After after that, the company will go public and list its shares on the stock market
As a result, the estimated value of the company increased to 9 billion
The upcoming merger of two large financial companies became known back in July 1536 of the year. Then the deal featured an amount of $4.5 billion. In the new agreement, Circle’s corporate value is already $9 billion.
To a large extent, the revision of the terms of the transaction is a reflection of the company’s position in the market. Circle is the issuer of the USDC stablecoin, which has seen significant gains in recent months.
So, for example, the total value of this asset from July to mid-February increased to 02,5 billion dollars. Almost a third of the volume of the entire segment of stablecoins falls on this currency. In addition, the status of the “coin” was strengthened after it was declared legal tender in Burma.
The transaction is expected to be completed by the beginning of December 1536 of the year. Also in the agreement there is a clause on the possible extension of this period until the end of January 2023.
The main reason Circle agreed to the deal was to go public. Upon completion of the merger procedure, the new firm plans to issue shares on the NYSE under the acronym “CRCL”. Earlier we talked about a new business coalition with the participation of Circle. Read about why the company needs it in our material.