Bakkt’s $2.1 Billion Merge With VPC Impact Acquisition Holdings


Shearman & Sterling advised Bakkt Holdings, while White & Case LLP advised VPC Impact Acquisition Holdings on the deal.

Bakkt Holdings, LLC (“Bakkt”) and VPC Impact Acquisition Holdings (NASDAQ: VIH) (“VIH”), a special purpose acquisition company sponsored by Victory Park Capital (“VPC”), entered into a definitive agreement for a business combination that will result in Bakkt becoming a publicly traded company with an enterprise value of approximately $2.1 billion. The combined company will be renamed Bakkt Holdings, Inc. and will be listed on the New York Stock Exchange.

The business combination values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in over $500 million of cash on the combined company’s balance sheet, reflecting a contribution of up to $207 million of cash held in VPC Impact Acquisition Holdings’ trust account and a $325 million concurrent private placement (PIPE) of Class A common stock of the combined company, priced at $10.00 per share, including a $50 million contribution from ICE.

Bakkt is a provider of institutional and retail solutions for digital assets. Bakkt provides a mobile application enabling consumers to unlock the value of digital assets, including cryptocurrency, loyalty points, in-game assets, and gift cards, while giving merchants and loyalty program sponsors deeper customer engagement and delivering cost savings to merchants. Bakkt was founded in 2018 by Intercontinental Exchange, Inc. and is headquartered in Atlanta, Georgia.

Shearman & Sterling advised Bakkt Holdings with J. Matthew Lyons (Picture), Rory O’halloran, Cody L. Wright, Alan Bickerstaff, Harald Halbhuber, John W. Menke, Katie Butler, Cassandra Cuellar, Kira Richards, and Don Song.

Involved fees earner: Alan Bickerstaff – Shearman & Sterling; Katie Butler – Shearman & Sterling; Cassandra Cuellar – Shearman & Sterling; Harald Halbhuber – Shearman & Sterling; Matthew Lyons – Shearman & Sterling; John Menke – Shearman & Sterling; Rory O’Halloran – Shearman & Sterling; Kira Richards – Shearman & Sterling; Don Song – Shearman & Sterling; Cody Wright – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: BAKKT, LLC;

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Author: Ambrogio Visconti