cloudyn.png
Wednesday January 20th, 2021 1:30AM

Intercontinental Exchange Announces Bakkt to Become a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings

By The Associated Press

ATLANTA & NEW YORK--(BUSINESS WIRE)--Jan 11, 2021--

Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Bakkt Holdings, LLC (“Bakkt”), the transformative digital asset marketplace launched in 2018 by ICE and a marquee group of investors and strategic partners, has entered into a definitive agreement to combine with VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company sponsored by Victory Park Capital (“VPC”).

The business combination between Bakkt and VIH values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in over $500 million of cash on the combined company’s balance sheet, reflecting a contribution of up to $207 million of cash held in VPC Impact Acquisition Holdings’ trust account, and a $325 million concurrent private placement (PIPE) of Class A common stock of the combined company, priced at $10.00 per share, including a $50 million commitment from ICE. The newly combined company will be renamed Bakkt Holdings, Inc. and will be listed on the New York Stock Exchange.

As part of the transaction, Bakkt’s existing equity holders and management will roll 100% of their equity into the combined company. Assuming no shareholders of VPC Impact Acquisition Holdings exercise their redemption rights, current Bakkt equity holders, including ICE, will own approximately 78%, VPC Impact Acquisition Holdings public shareholders will own approximately 8%, VPC will own 2%, and PIPE investors (a group that will also include ICE) will own approximately 12% of the issued and outstanding common stock of the combined company at closing.

Additional details on the impact to ICE’s financials are below:

(NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated , including the , for the listing, trading and of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at . Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.

ICE-CORP

View source version on businesswire.com:

CONTACT: ICE Media Contact:

Damon Leavell

Damon.Leavell@theice.com

212-323-8587

ICE Investor Contact:

Warren Gardiner

Warren.Gardiner@theice.com

770-835-0114

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK GEORGIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY FINANCE SOFTWARE CONSULTING

SOURCE: Intercontinental Exchange

Copyright Business Wire 2021.

PUB: 01/11/2021 08:00 AM/DISC: 01/11/2021 08:00 AM

http://www.businesswire.com/news/home/20210111005579/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Armenian, Azerbaijani leaders in Russia for talks
Russian President Vladimir Putin is hosting his counterparts from Armenia and Azerbaijan for talks in the Kremlin for the first time since a Russia-brokered truce ended weeks of fierce fighting over Nagorno-Karabakh
8:05AM ( 17 minutes ago )
Zimbabwe bans traditional funerals to battle COVID-19 spike
Zimbabwe, battling a spike in new COVID-19 cases, has banned families from transporting their dead relatives between cities, as part of new measures stop traditional funeral rites that are believed to be increasing the spread of the disease
7:55AM ( 27 minutes ago )
Uganda accuses Facebook of 'interfering' in tense polls
A Ugandan official accused Facebook of meddling in the country's upcoming election after several accounts linked to the campaign of Ugandan President Yoweri Museveni were removed for alleged inauthentic behavior
7:48AM ( 33 minutes ago )
Associated Press (AP)
Indonesia navy divers hunt for crashed plane's black boxes
Indonesian navy divers are scouring the floor of the Java Sea as they hunt for the black boxes of a Sriwijaya Air jet that nosedived into the waters at high velocity with 62 people aboard
6:41AM ( 1 hour ago )
Pelosi says House will impeach Trump, pushes VP to oust him
House Speaker Nancy Pelosi says the House will proceed with legislation to impeach President Donald Trump as she pushes the vice president to invoke constitutional authority to force him out
6:16AM ( 2 hours ago )
The Latest: South Korea to vaccine its 52M people for free
South Korea’s president says the country will offer free COVID-19 vaccinations to all its people in phases
5:04AM ( 3 hours ago )
AP Business
India's quick nod to homegrown COVID-19 vaccine seeds doubt
India took a regulatory shortcut for their homegrown vaccine, a move touted by Prime Minister Narendra Modi as a success in India’s self-reliance
2:06AM ( 6 hours ago )
Syria temporarily cuts supplies of fuel to meet shortages
Syria’s petroleum ministry is blaming U.S. sanctions for forcing it to reduce by up to 24% its distribution of fuel and diesel
9:11AM ( 23 hours ago )
Squelched by Twitter, Trump seeks new online megaphone
Though stripped of his Twitter megaphone, President Donald Trump does have alternative options of much smaller reach
12:15AM ( 1 day ago )
AP Business - Corporate News
Records show fervent Trump fans fueled US Capitol takeover
The violent mob that stormed the U.S. Capitol last week was overwhelmingly made up of longtime Trump supporters
1:48AM ( 6 hours ago )
Some assembly required: Georgia lawmakers meet amid COVID-19
It’s going to be another weird pandemic session of the Georgia General Assembly
1:00AM ( 7 hours ago )
Hawks G Bogdan Bogdanovic out after fracturing right knee
Atlanta Hawks guard Bogdan Bogdanovic could miss extended time after fracturing his right knee
12:33AM ( 7 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Asian shares mostly higher on optimism despite pandemic
Asian shares are mostly higher as bullish sentiments stuck to global markets despite continuing signs of economic damage from the pandemic and a new version of the virus was reported in Japan
10:41PM ( 9 hours ago )
Stock market shakes off a slump to reach more record highs
Stocks shook off a midday slump and powered higher in the afternoon, bringing major indexes to record highs and leaving the market with solid gains for the first week of the year
5:15PM ( 2 days ago )
Wall Street drifts near records following weak jobs report
U.S. stock indexes are wavering between small gains and losses Friday, following a sober reminder of how many jobs the pandemic is destroying, as Wall Street balances expectations for the economy’s potentially brighter future against its current pain
2:54PM ( 2 days ago )
AP Business - Financial Markets
Minister: Massive power outage leaves Pakistan in the dark
Pakistan's energy minister says a major technical fault in the country's power generation and distribution system caused a massive power outage that plunged the country into darkness overnight
1:34AM ( 1 day ago )
New Zealand central bank says data system hacked
New Zealand’s central bank says one of its data systems has been breached by an unidentified hacker who potentially accessed commercially and personally sensitive information
12:23AM ( 1 day ago )
The Latest: Mexico sees record 16,105 new virus cases
Mexico has posted another daily record for newly confirmed coronavirus cases, with 16,105 new infections reported Saturday, and a near-record of 1,135 deaths related to COVID-19 in the latest 24-hour period
10:22PM ( 1 day ago )
AP Business - Industries
Fed supported advance notice before changing bond purchases
Federal Reserve officials last month supported providing advance notice before the central bank makes changes to its $120 billion in monthly bond purchases
5:01PM ( 4 days ago )
World Bank sees subdued recovery in 2021 and plenty of risk
The World Bank on Tuesday forecast that the global economy will see a subdued recovery this year from a devastating pandemic but warned that the near-term outlook is highly uncertain and growth could be harmed if infections keep rising and the rollout of vaccines is delayed
12:42PM ( 5 days ago )
Former head of China state asset firm sentenced to death
The former head of a Chinese state-owned asset management company has been sentenced to death for bribe taking in one of the harshest punishments for economic crimes in recent years
6:41AM ( 6 days ago )
AP Business - Financial Services
Armenian, Azerbaijani leaders in Russia for talks
Russian President Vladimir Putin is hosting his counterparts from Armenia and Azerbaijan for talks in the Kremlin for the first time since a Russia-brokered truce ended weeks of fierce fighting over Nagorno-Karabakh
8:05AM ( 17 minutes ago )
Zimbabwe bans traditional funerals to battle COVID-19 spike
Zimbabwe, battling a spike in new COVID-19 cases, has banned families from transporting their dead relatives between cities, as part of new measures stop traditional funeral rites that are believed to be increasing the spread of the disease
7:55AM ( 27 minutes ago )
Uganda accuses Facebook of 'interfering' in tense polls
A Ugandan official accused Facebook of meddling in the country's upcoming election after several accounts linked to the campaign of Ugandan President Yoweri Museveni were removed for alleged inauthentic behavior
7:48AM ( 33 minutes ago )
Israel announces new settler homes, risking Biden's anger
Israel has advanced plans to build 800 new settler homes in the occupied West Bank, a move that could strain ties with the incoming administration of President-elect Joe Biden
7:47AM ( 35 minutes ago )
South Africa struggles with post-holiday spike in COVID-19
South Africa is struggling to cope with a spike in COVID-19 cases driven by the spread of its more infectious variant during widespread holiday travel
7:25AM ( 56 minutes ago )