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SPAC 10X Capital Venture Acquisition to merge with Prime Blockchain in deal valued at $1.25 billion

Special-purpose acquisition corporation 10X Capital Venture Acquisition Corp. II (VCXA) has reached an agreement to merge with Prime Blockchain Inc., an infrastructure provider for blockchain technology, in a deal with an estimated enterprise value of about $1.25 billion. The combined company will be headed by ex-Goldman Sachs investment banker Gaurav Budhrani and will list on the Nasdaq. The company has secured a $300 million committed equity financing facility from Cantor Fitzgerald unit CF Principal Investments LLC, the companies said in a joint statement. Prime Blockchain has a portfolio of proprietary data centers and crypto asset mining operations in North America. The company was founded by Web 3 entrepreneurs Chandler Song and Ryan Fang, who have been involved in crypto projects including Ankr, while Budhrani has served clients including Coinbase (COIN) and IonQ (IONQ). The company had revenue of $24.4 million in the fourth quarter and has more than 110 megawatts of installed data center capacity across 12 facilities. The deal is expected to close in the second half.

-Ciara Linnane

 

(END) Dow Jones Newswires

04-01-22 0807ET

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