%201%20(1).png){kind=avatar}
Woorton acquired by British B2C2
The French market maker had been struggling since the collapse of FTX. Thanks to this transaction, B2C2 will be able to accelerate its expansion in Europe.
A new page is about to be written for Woorton. According to our information, the French market maker is to be acquired by its British competitor B2C2.
Woorton was founded in 2018 by Charlie Méraud, Zahreddine Touag and Karim Sabba. The amount of the deal is not available, and the deal is expected to be made official in the coming weeks.
The Paris-based company had been struggling since Genesis, one of the main investment firms affected by the collapse of the FTX exchange platform, froze its activities. Like other players, Woorton had placed some of its cash with Genesis.
The US liquidator of FTX announced at the end of June that it had recovered $7 billion out of a total of $8.7 billion missing. Many creditors, led by Woorton, can thus hope to recover a substantial part of their assets.
"Some players are weakened and others are taking advantage of the situation to consolidate their position," murmurs a witness to the operation.
The takeover by B2C2 will enable the London-based market maker to expand in France (it set up a subsidiary at the end of July) and, above all, to acquire a start-up that holds a digital asset service provider (PSAN) registration issued by the Autorité des marchés financiers (AMF).
Although the AMF will have to revalidate the new entity's PSAN, such a deal saves time.
B2C2 will have its work cut out for it, as Flowdesk, the French nugget in the sector, is in the process of completing a fundraising round of around €40 million. According to our information, its valuation should reach several hundred million euros.
Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial and accounting advisors.
