Circle to go public at a $4.5 billion valuation through merger with SPAC Concord Acquisition

Dow Jones2021-07-08

MW Circle to go public at a $4.5 billion valuation through merger with SPAC Concord Acquisition

Circle is set to go public, after the provider of payments and treasury infrastructure to internet companies announced Thursday a merger agreement with special purpose acquisition company (SPAC) Concord Acquisition Corp. (CND), in a deal that values Circle at $4.5 billion. The deal is expected to result in gross proceeds of up to $691 million to the combined company. After the deal closes, which is expected to occur in the fourth quarter of 2021, the combined company is expected to list on the NYSE under the ticker symbol "CRCL." Concord Acquisition's stock, which started trading on Jan. 28, rose 1.1% in premarket trading, while futures for the S&P 500 dropped 1.3%. Circle enables businesses to use the digital currencies and public blockchains for payments, commerce and financial applications, and says it is the principal operator of the digital currency, USD Coin.

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