June 20, 2024

Mergers & Acquisitions

Wyre’s 1.5 Billion USD Acquisition By Bolt Cancelled

Talks of Bolt acquiring the operations, assets and liabilities of Wyre- a company dealing with blockchain infrastructure, had been doing the rounds for a long time. Confirmations by both parties valued the acquisition at 1.5 Billion USD. However, in the latest development, Bolt has decided to let Wyre operate independently. These companies will continue their business relations with all discussions of an acquisition being put on hold.

This development does not come as a significant shock. A few days back, even UBS had declared its intention to refrain from the acquisition of WealthFront. Similarly, a few months since, the high-profile and almost final acquisition of BitGo by Galaxy Digital had been scrapped in the final stages.

One may wonder if these failed acquisitions are indicators of the dwindling interest of technology companies in acquiring blockchain/ crypto infrastructure providers. However, all three companies that stepped out of their deals to acquire these crypto platforms had their personal reasons for doing so.

However, the idea of a more significant and industry-specific trend can not be rejected altogether. Before drawing any final conclusions in this matter, an optimum analysis needs to be done in this regard.

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