Cryptocurrency exchange Binance.US is preparing to acquire the assets of bankrupt cryptocurrency lending firm Voyager Digital for $1.022 billion.
The news was announced in a press release Monday, following a review of strategic options, as the company said that (Binance.US) represents the highest and best offer for its assets, Coin Telegraph reported.
The offer of $1.022 billion consists of the fair market value of Voyager Digital's crypto business portfolio at a date to be determined in the future, along with additional consideration equal to $20 million of additional value.
The statement stated: The company's claims against Three Arrows Capital remain with the bankruptcy property, and any future recovery of these and other unreleased claims will be distributed to the property's creditors. The Binance.US bid aims to return cryptocurrencies to customers in kind, subject to court-approved payments and platform capabilities.
The deal is set to expire on April 18, 2023; Binance.US has agreed to deposit $10 million in good faith and will reimburse Voyager Digital for certain expenses up to a maximum of $15 million.
A hearing by the Principal Bankruptcy Court to approve the purchase agreement will be held on January 5, 2023. In addition, the sale is subject to a vote of creditors and other customary closing conditions.
