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Nexo said Tuesday it had signed a term sheet with Vauld giving it 60 days of exclusive talks to explore an all-equity acquisition of the company. If successful, Nexo said it plans to restructure the company and pursue an expansion in Southeast Asia and India. Vauld on Monday paused operations and said it was exploring restructuring options due to “financial challenges” posed by a sharp plunge in cryptocurrencies.
“We are starting the due diligence,” Nexo’s chief told CNBC. “We have a 60-day window of exclusivity where they will open up the books. You will see everything. Is there a hole? How big is the hole? Where are the assets? Who are the counterparties?”
https://www.cnbc.com/2022/07/05/crypto-lender-nexo-offers-to-buy-embattled-rival-vauld.html
