Bolt cancels Wyre $1.5bn acquisition

Bolt cancels Wyre $1.5bn acquisition

Online checkout company Bolt has reportedly cancelled its $1.5bn deal to acquire cryptocurrency infrastructure provider Wyre.

Bolt said it will continue its partnership with Wyre and that by remaining independent, it could focus on core areas, according to a report from Reuters.

Bolt CEO Maju Kuruvilla said, “We will continue our existing commercial partnership with Wyre to pave the path of crypto integration into our ecosystem, bringing Wyre’s innovative crypto infrastructure to the world.”

The deal was originally announced in April 2022 and would have seen Bolt bring its one-click checkout, authentication, payments and fraud protection services to the cryptocurrency ecosystem. It also hoped to include the ability to buy NFTs and cryptos.

This is not the first major FinTech acquisition to be scrapped over the past week. Last week, UBS announced it had pulled out of its acquisition of WealthTech platform Wealthfront.

The companies did not reveal why they terminated the deal, however, UBS purchased a $69.7m note convertible into the WealthTech’s shares.

In a statement announcing the end of the deal, UBS said it remains committed to its growth plans in the US and will continue the build-out of its digital wealth management offering.

Another deal to fall through this year was the Galaxy Digital and BitGo $1.2bn acquisition. However, this deal did not end on a happy note. BitGo is seeking $100m in damages after Galaxy Digital following the deal termination.

It stated that Galaxy made an improper decision to terminate the agreement, which was not scheduled to expire until December 31 2022, at the earliest, and to not pay the $100m reverse break fee it had promised in March 2022 in order to “induce BitGo to extend the merger agreement.”

Here are some of the other large acquisitions to happen in the first half of 2022.

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