Kevin O’Leary-backed WonderFi to buy Bitbuy parent company for $162 million

WonderFi agreed to pay close to 206 million Canadian dollars to acquire First Ledger Corp., the parent company of BitBuy. WonderFi aims to become an end-to-end consumer platform for crypto and DeFi, according to the official announcement.

The transaction details revealed that WonderFi would fund the acquisition by issuing 70 million new shares and paying $15.7 million in upfront cash and $23 million in deferred cash via a vendor-takeback note due in 12 months. “WonderFi will retain substantially all current Bitbuy employees and enter into employment agreements with key members of the management team,” the announcement reads.

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