Bakkt to go public via merger with SPAC VPC Impact Acquisition in deal with $2.1 billion enterprise value

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Bakkt Holdings Inc., the digital asset marketplace that was launched in 2018 by Intercontinental Exchange, Inc. (ICE), said Monday it is going public via a merger with special purpose acquisition corp. VPC Impact Acquisition Holdings , in a deal with an enterprise value of about $2.1 billion. The combined company will be renamed Bakkt Holdings Inc. and will list on the New York Stock Exchange. SPACs are companies that raise funds by going public and then acquire a business or businesses. VPC is backed by Chicago-based Victory Park Capital. Bakkt will be led by Gavin Michael as chief executive, until recently head of technology for Citigroup Inc.’s global consumer bank. Michael will replace Bakkt’s interim CDO David Clifton, who will remain on the board of directors. Bakkt currently supports more than 30 loyalty program sponsors and more than 200 gift card merchants, including Starbucks, which has integrated Bakkt cash as a payment method for Starbucks Card holders in its own app. The deal is expected to close in the second quarter. VPC shares were halted premarket for the news.
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