On November 3, 2022, digital asset platform Bakkt Holdings Inc. announced the acquisition of Apex Crypto LLC from Apex Fintech Solutions Inc. in a move that will bolster Bakkt’s cryptocurrency product offering and expand its footprint into new client verticals. Wilson Sonsini Goodrich & Rosati advised Bakkt on the deal.

Bakkt’s digital asset platform unlocks crypto and helps create connected experiences for its clients. The acquisition will expand the company’s crypto client base and give Bakkt access to financial institutions, fintechs, merchants and loyalty programs. The Apex Crypto platform has relationships with more than 30 fintech firms and more than 200 clients. The platform facilitates crypto investing for more than 30 tokens.

The maximum purchase price of Apex Crypto will be $200 million with Bakkt initially paying $55 million in cash at the closing of the deal and up to $45 million in Bakkt stock tied to financial performance in the fourth quarter of 2022. Bakkt could pay an additional $100 million in Bakkt stock and seller notes, which will be determined by the financial performance of the target through 2025. The transaction is expected to close in the first half of 2023.

The Wilson Sonsini team that advised Bakkt includes:

Corporate
Matt Lyons
Michael Russell
Nathan Robinson
Austin March

Asara Greaves
Vickie Wang
Adam Enochs
Annie Giomi

Tax
Derek Wallace
Jonathan Zhu
Han Shen

Antitrust
Michelle Yost Hale
Kimberley Biagioli
Robin Crauthers

Employee Benefits and Compensation
Madeline Boshart
Mark Cornillez-Ty
Lori Howey

Fintech and Financial Services
Amy Caiazza
Neel Maitra
Eric Quang

Employment and Trade Secrets
Joseph Horne
Neil Gulyako

Technology Transactions
Scott McKinney
Rosalind Schonwald
Barclay Oudersluys

Privacy and Cybersecurity
Daniel Chen
Michael O’Brien

Regulatory
Anne Seymour
Kara Millard
Seth Cowell

For more information, please see Bakkt’s press release and news coverage by Bloomberg.