Bitcoin Group Agrees to Buy German Bank Bankhaus von der Heydt for $15M

Bitcoin Group (ADE), a holding company focusing on the blockchain and cryptocurrency industries, said it agreed to buy all of Germany’s Bankhaus von der Heydt for 14 million euros (US$15 million) in cash and 150,000 shares.

• The acquisition will give the company control of the one of the world’s oldest banks and a holder of a full banking license in Germany.
• The transaction is expected to be completed by third-quarter 2023.
• Bankhaus von der Heydt, based in Munich, was established in 1754.
• Bitcoin Group said in October it was acquisition talks with several potential targets, including Bankhaus von der Heydt.
• Shares in Bitcoin Group rose 0.6% to 20.22 euros in Germany.

UPDATE (Dec. 12, 15:54 UTC): Adds share component of purchase price, history of target, earlier statement.

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