As many as 117 parties have expressed interest in acquiring one or more of FTX’s independent subsidiaries, such as FTX Japan, FTX Europe, LedgerX, and Embed, according to a court filing.
The court filing was made Jan. 8 by Kevin Cofsky, a partner at Perella Weinberg, the investment bank that represents FTX US and its affiliates. Coffsky stated:
“Approximately 117 parties, including various global financial and strategic counterparties, have expressed interest to the Debtors in a potential purchase of one or more of the Businesses.”
He added that Debtors have signed 59 confidentiality agreements with potential counterparties that have expressed interest in one or more of the companies.
Although no agreement has been reached per se, those parties can already access information to facilitate due diligence, such as details about the business unit’s operations, finances, and technology.
The companies for sale are Embed, LedgerX, FTX Japan and FTX Europe, according to lawyers representing FTX debtors.
Around 50 parties were interested in Embed, 56 in LedgerX, 41 in FTX Japan and 40 in FTX Europe, according to the file.
Embed is a clearing firm that FTX acquired in June to enhance its offering of stocks and securities. LedgerX is a digital currency futures and options exchange regulated by the Commodity Futures Trading Commission and a clearinghouse acquired by FTX in August 2021.
FTX Japan and FTX Europe are independent subsidiaries of FTX global, but they were subject to license and activity suspensions in December.
In December, FTX applied to a US bankruptcy court for permission to sell the company’s Japanese and European subsidiaries, as well as the two clearing houses.
The deadline to present initial offers for the four companies expires between January 18 and February 1.
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