The deal to sell the largest South Korean exchange Bithumb runs the risk of falling apart a year after its conclusion, reports Korea Herald, citing its own sources.

An agreement on the sale of a controlling stake in Bithumb was concluded between BTC Korea Holdings, the exchange operator, and the Singapore consortium BK Global in October 2018. Under its terms, BTC Korea Holdings, which owns 76% in Bithumb, sold 50% + 1 share of the company from Singapore for 400 billion won ($ 333 million).

The deal was originally supposed to close in February 2019. According to the Korean publication, BK Group only made an advance payment of 100 million won, and the deadline for paying the remaining amount was postponed twice.

In April, a deferment was granted, provided that the BK Group increased its stake from 50% to 70%, the Korea Herald said.

In July, Dual Industrial announced a decision to buy a 57.41% stake in BK Group for 235.7 billion won, which looked like an attempt by a Singapore company to finance a Bithumb deal. But later, Dual declined the deal.

But, according to the media, Bithumb team isn’t said.

Bithumb has stable management, so there won’t be any impact should the deal collapse.
 

Bithumb Anonymous Representative

According to the Korea Herald, in September BK Group found a new private investor. He became the owner of the company that owns the largest stake in the Korean company Cornerstone Networks.





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Bithumb Acquisition Deal May Collapse
Bithumb Acquisition Deal May Collapse
Bithumb Acquisition Deal May Collapse
Bithumb Acquisition Deal May Collapse

Bithumb Acquisition Deal May Collapse

Bithumb Acquisition Deal May Collapse