MoonPay Agrees to Buy North Capital in Stock Deal

MoonPay has agreed to acquire North Capital in an all-stock transaction valued at more than $60 million, adding a regulated private-securities business to the cryptocurrency payments company’s operations. The deal remains subject to regulatory approvals and customary closing conditions, and has not been completed. North Capital’s affiliates hold registrations with the U.S. Securities and Exchange Commission for broker-dealer, alternative trading system, transfer-agent and investment-adviser functions. MoonPay said the acquisition is intended to give it infrastructure for issuing, custodying and trading private securities, including securities represented as digital tokens. The companies’ boards have approved the transaction, according to reports on the announcement. North Capital is expected to become a wholly owned MoonPay subsidiary after closing, subject to the required approvals and conditions. The reported valuation is described as more than $60 million in two accounts, while another characterizes it as $60 million. The deal is entirely in stock, according to the reports; detailed terms have not been disclosed in the material available.