Robinhood Markets Inc. shares rose on Tuesday following the announcement of its acquisition of the Canadian crypto trading platform, WonderFi Technologies, in an all-cash deal valued at approximately C$250 million ($178.9 million).
The offer of C$0.36 (26 cents) per share represents a 41% premium over WonderFi’s last closing price and a 71% premium over its 30-day volume-weighted average, offering a significant advantage for existing shareholders.
The acquisition will proceed through a statutory plan of arrangement, with Robinhood set to acquire all outstanding common shares of WonderFi.
WonderFi’s largest shareholder, Mogo, which owns about 82 million shares, has signed a voting support agreement in favor of the transaction.
