{"id":411940,"date":"2021-01-11T08:03:51","date_gmt":"2021-01-11T13:03:51","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411940"},"modified":"2021-01-11T08:03:51","modified_gmt":"2021-01-11T13:03:51","slug":"intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/","title":{"rendered":"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Intercontinental Exchange Announces Bakkt to<\/b><b>Become a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings <\/b><\/p>\n<p>ATLANTA &amp; NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIntercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Bakkt Holdings, LLC (\u201cBakkt\u201d), the transformative digital asset marketplace launched in 2018 by ICE and a marquee group of investors and strategic partners, has entered into a definitive agreement to combine with VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company sponsored by Victory Park Capital (\u201cVPC\u201d).\n<\/p>\n<p>\nThe business combination between Bakkt and VIH values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in over $500 million of cash on the combined company\u2019s balance sheet, reflecting a contribution of up to $207 million of cash held in VPC Impact Acquisition Holdings\u2019 trust account, and a $325 million concurrent private placement (PIPE) of Class A common stock of the combined company, priced at $10.00 per share, including a $50 million commitment from ICE. The newly combined company will be renamed Bakkt Holdings, Inc. and will be listed on the New York Stock Exchange.\n<\/p>\n<p>\nAs part of the transaction, Bakkt\u2019s existing equity holders and management will roll 100% of their equity into the combined company. Assuming no shareholders of VPC Impact Acquisition Holdings exercise their redemption rights, current Bakkt equity holders, including ICE, will own approximately 78%, VPC Impact Acquisition Holdings public shareholders will own approximately 8%, VPC will own 2%, and PIPE investors (a group that will also include ICE) will own approximately 12% of the issued and outstanding common stock of the combined company at closing.\n<\/p>\n<p>\nAdditional details on the impact to ICE\u2019s financials are below:\n<\/p>\n<p><b>Transaction Impact on ICE Financials<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nICE\u2019s fourth quarter 2020 net revenues related to Bakkt are expected to be approximately $9 million while GAAP and adjusted non-GAAP operating expenses related to Bakkt are expected to be approximately $39 million and $22 million, respectively. First quarter 2021 net revenues related to Bakkt are expected to be approximately $7 million while GAAP and adjusted non-GAAP operating expenses related to Bakkt are expected to be approximately $25 million and $23 million, respectively.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li>\nFollowing completion of the business combination, which is expected to be in the second quarter of 2021, ICE is expected to have a 65% economic interest and a minority voting interest in the combined company. Prior to the closing, Bakkt revenues and operating expenses will continue to be reported within ICE\u2019s consolidated net revenues and operating expenses.\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li>\nIn addition, <span class=\"bwuline\">beginning with ICE\u2019s first quarter 2021<\/span> financial results, the impact of equity method investments will be excluded from ICE\u2019s adjusted non-GAAP results. The non-cash contribution from ICE\u2019s equity method investments are currently reported in ICE\u2019s non-operating income and include ICE\u2019s 40% stake in the OCC. Following the closing of the proposed business combination with Bakkt, ICE will have a minority voting interest in the combined company and the combined company will be reclassified as an equity method investment of ICE and will therefore not be consolidated within ICE\u2019s financial statements.\n<\/li>\n<\/ul>\n<p><b>About Intercontinental Exchange <\/b><\/p>\n<p><a rel=\"nofollow\" href=\"https:\/\/www.intercontinentalexchange.com\/about\">Intercontinental Exchange<\/a> (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/trade\">marketplaces<\/a>, including the <a rel=\"nofollow\" href=\"https:\/\/www.nyse.com\/index\">New York Stock Exchange<\/a>, for the listing, trading and <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/clearing\">clearing<\/a> of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/market-data\">data services<\/a> offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, <a rel=\"nofollow\" href=\"https:\/\/www.theice.com\/ice-mortgage-technology\">ICE Mortgage Technology<\/a> provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.\n<\/p>\n<p>\nTrademarks of ICE and\/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and\/or its affiliates is located at <a rel=\"nofollow\" href=\"http:\/\/www.intercontinentalexchange.com\/terms-of-use\">http:\/\/www.intercontinentalexchange.com\/terms-of-use<\/a>. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading \u201cKey Information Documents (KIDS).\u201d\n<\/p>\n<p>\nSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995 &#8212; Statements in this press release regarding ICE&#8217;s business that are not historical facts are &#8220;forward-looking statements&#8221; that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE&#8217;s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.\n<\/p>\n<p>\nICE-CORP\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210111005579r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210111005579\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210111005579\/en\/<\/a><\/span><\/p>\n<p><b>ICE Media Contact:<br \/>\n<\/b><br \/>Damon Leavell<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Damon.Leavell@theice.com\">Damon.Leavell@theice.com<br \/>\n<\/a><br \/>212-323-8587<\/p>\n<p><b>ICE Investor Contact:<br \/>\n<\/b><br \/>Warren Gardiner<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Warren.Gardiner@theice.com\">Warren.Gardiner@theice.com<br \/>\n<\/a><br \/>770-835-0114\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York Georgia<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Data Management Technology Finance Software Consulting<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210111005579\/en\/851382\/3\/IE_logo_RGB_300x21.272px.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings ATLANTA &amp; NEW YORK&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Bakkt Holdings, LLC (\u201cBakkt\u201d), the transformative digital asset marketplace launched in 2018 by ICE and a marquee group of investors and strategic partners, has entered into a definitive agreement to combine with VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company sponsored by Victory Park Capital (\u201cVPC\u201d). The business combination between Bakkt and VIH values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411940","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings ATLANTA &amp; NEW YORK&#8211;(BUSINESS WIRE)&#8211; Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Bakkt Holdings, LLC (\u201cBakkt\u201d), the transformative digital asset marketplace launched in 2018 by ICE and a marquee group of investors and strategic partners, has entered into a definitive agreement to combine with VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company sponsored by Victory Park Capital (\u201cVPC\u201d). The business combination between Bakkt and VIH values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in &hellip; Continue reading &quot;Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T13:03:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210111005579r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings\",\"datePublished\":\"2021-01-11T13:03:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/\"},\"wordCount\":871,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210111005579r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\\\/\",\"name\":\"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings - 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(NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Bakkt Holdings, LLC (\u201cBakkt\u201d), the transformative digital asset marketplace launched in 2018 by ICE and a marquee group of investors and strategic partners, has entered into a definitive agreement to combine with VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company sponsored by Victory Park Capital (\u201cVPC\u201d). The business combination between Bakkt and VIH values the combined company at an enterprise value of approximately $2.1 billion and is expected to result in &hellip; Continue reading \"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-11T13:03:51+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210111005579r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings","datePublished":"2021-01-11T13:03:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/"},"wordCount":871,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210111005579r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/intercontinental-exchange-announces-bakkt-tobecome-a-publicly-traded-company-via-merger-with-vpc-impact-acquisition-holdings\/","name":"Intercontinental Exchange Announces Bakkt toBecome a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings - 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