(Reuters) – Global fintech company Circle said on Thursday it would go public through a merger with a blank-check company in a deal that values it at $4.5 billion.
The merger with Concord Acquisition Corp is expected to fetch $691 million in proceeds for the combined entity, Circle said.
Special purpose acquisition companies (SPACs) are shell companies that raise funds through initial public offerings to take private companies public through mergers at a later date.
Institutional investors Marshall Wace, Fidelity Management & Research Co and accounts advised by ARK Investment Management have agreed to invest in $415 million PIPE (private investment in public equity) financing, Circle said.
After the merger, Circle will be listed on the New York Stock Exchange under the symbol “CRCL.”
(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)
