The Fintech and Digital Currency & Blockchain teams advised Circle on its definitive business combination agreement with Concord Acquisition Corp (NYSE: CND). Under the terms of the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly traded company, expected to trade on the NYSE under the symbol "CRCL". The transaction values Circle at an enterprise value of $4.5 billion.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide.
The business combination is supported by $415 million of capital commitments at $10 per share, with participation from top-tier institutional investors. Including the contribution of up to $276 million of cash held in Concord Acquisition Corp's trust account (assuming no redemptions), the transaction is expected to deliver up to $691 million of gross proceeds to the combined company.
The Goodwin team was led by Bill Schnoor, John Mutkoski, and Gregg Katz, and included Dan Karelitz, Lynda Galligan, Karen Ubell, Grace Wirth, Rebecca Stacker, Nathan Risinger, Mari Tomunen, Ariel Gaknoki, Matthew Dunay, and Khalid Elwanni.For more details, read the press release.