The transaction gives Circle an enterprise value of $4.5 billion
Circle, a fintech that provides payments and treasury infrastructure for internet businesses, is combining with Concord Acquisition Corp, a publicly traded special purpose acquisition company, and floating on the New York Stock Exchange.
A new Ireland-domiciled holding company will acquire both Concord and Circle and become a publicly traded entity, expected to trade on the New York Stock Exchange under the symbol “CRCL”.
The transaction, expected to close in Q4 2021, gives Circle an enterprise value of $4.5 billion.
Circle provides internet-native, digital currency-powered, transaction and treasury services that help businesses and financial institutions globally.
It is the principal operator of the dollar digital currency, USD Coin (USDC), which has grown to more than $25 billion in circulation and has supported more than $785 billion in on-chain transactions.
In 2021, USDC in circulation has grown in excess of 3,400%, fuelling a broadening array of use cases for high-trust, low-friction internet-native payments and settlements.
Bob Diamond, chairman of Concord Acquisition Corp and chief executive officer of Atlas Merchant Capital, says: “Circle is the true pioneer of trusted digital currencies, an increasingly critical part of the global financial system. The firm has earned its exceptionally strong reputation building highly innovative blockchain-enabled products and services within the regulatory perimeter. Circle’s world-class leadership team, its track record of delivery, and extraordinary ambition help position the firm as one of the most exciting companies in the transformation of finance.”
Jeremy Allaire, Circle’s co-founder and chief executive officer, comments: “Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet. We’ve made huge strides towards realising this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system.”
“We are thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world.”