Intercontinental Exchange Announces Business Combination Of Bakkt & VIH - Quick Facts

(RTTNews) - Intercontinental Exchange, Inc. (ICE) said Bakkt Holdings has agreed to combine with VPC Impact Acquisition Holdings (VIH), a special purpose acquisition company sponsored by Victory Park Capital. The combined company will be renamed Bakkt Holdings, Inc. and will be listed on the NYSE. The business combination 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's balance sheet.

Following completion of the deal, 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.